Chapter 4 Macroeconomics

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Author:
amgallegos
ID:
131416
Filename:
Chapter 4 Macroeconomics
Updated:
2012-01-29 14:21:40
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Vocab
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Chapter 4 vocab
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  1. Market
    group of buyers and sellers of a particular good or service
  2. Competitive Market
    market in which there are many buyers and sellers so that each has a negligible impact on the market price
  3. Quantity Demanded
    amount of good buyers are willing and able to purchase
  4. Law of Demand
    other things equal, the quantity demanded of a good falls when the price of the good rises
  5. Demand Schedule
    table that shows the relationship between the price of a good and the quantity demanded
  6. Demand Curve
    graph of relationship between price of a good and the quantity demanded
  7. Normal Good
    good for which other things equal, an increase in income leads to an increase in demand
  8. Inferior Good
    good for which other things equal, an increase in income leads to a decrease in demand
  9. Substitutes
    two good which an increase in price of one leads to increase in demand for other
  10. Complements
    two goods for which an increase in price of one leads to decrease in demand for other
  11. Quantity Supplied
    amount of good that sellers are willing and able to sell
  12. Law of Supply
    other things equal, the quantity supplied of a good rises when price of good rises
  13. Supply Schedule
    table that shows relationship between price of a good and quantity supplied
  14. Supply Curve
    graph of relationship between price of good and quantity supplied
  15. Equilibrium
    situation in which market price has reached level at which quantity supplied equals quantity demanded
  16. Equilibrium Price
    price that balances quantity supplied and quantity demanded
  17. Equilibrium Quantity
    the quantity supplied and quantity demanded at equilibrium price
  18. Surplus
    quantity supplied is greater that quantity demanded
  19. Shortage
    quantity demanded is greater than quantity supplied
  20. Law of Supply and Demand
    claim that price of any good adjusts to bring quantity supplied and quantity demanded for that good into balance

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