Supply and Demand Vocab

The desire, willingness, and ability to buy a good or service.

• Demand

• Demand Schedule

• Demand Curve

• Law of Demand

A graph that shows the amount of a product that would be bought at all possible prices in the market.

• Demand Schedule

• Demand Curve

• Supply Schedule

• Supply Curve

Quantity demanded and price movie in opposite directions.

• Demand Schedule

• Supply Schedule

• Law of Demand

• Law of Supply

The total demand of all consumers for their product or service.

• Market Demand

• Law of Demand

• Market Supply

• Law of Supply

The pleasure, usefulness, or satisfaction we get from using the product.

• Complement

• Substitute

• Utility

• Subsidy

Products that con be used in place of others.

• Complement

• Substitute

• Productivity

• Subsidy

Products that are used together.

• Supply Elasticity

• Substitute

• Utility

• Complement

The extent to which a change in price causes a change in the quantity demanded.

• Demand Elasticity

• Demand Schedule

• Law of Demand

• Demand

Refers to the various quantities of a good or service that producers are willing to sell at all possible market prices.

• Supply

• Demand

• Law of Supply

• Law of Demand

As the price falls, the quantity supplied rises.

• Demand

• Supply

• Law of Demand

• Law of Supply