Econ 22 Vocab Chapter 4

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Author:
Ccroagunk
ID:
53522
Filename:
Econ 22 Vocab Chapter 4
Updated:
2010-12-05 16:35:46
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Macroeconomics
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Vocabulary for Chapter 4 Econ 222
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  1. Market
    A group of buyers and sellers of a particular good or service
  2. Competitive Market
    A market in which there are many buyers and many sellers so that each has a negligible impact on the market price
  3. Quantity Demanded
    The amount of a good that buyers are willing and able to purchase
  4. Law of Demand
    The claim that, other things equal, the quantity demanded of a good falls when the price of a good rises
  5. Demand Schedule
    A table that shows the relationship between the price of a good and the quantity demanded
  6. Demand Curve
    A graph of the relationship between the price of a good and the quantity demanded
  7. Normal Good
    A good for which, other things equal, an increase in income leads to in increase in demand
  8. Inferior Good
    A good for which, other things equal, an increase in income will lead to a decrease in demand
  9. Substitutes
    Two goods for which an increase in price of one leads to an increase in the demand for the other
  10. Complements
    Two goods for which an increase in the price of one leads to a decrease in the demand for the other
  11. Quantity Supplied
    The amount of a good that sellers are willing and able to sell
  12. Law of Supply
    The claim that, other things equal, the quantity supplied of a good rises when the price of the good rises
  13. Supply Schedule
    A table that shoes the relationship between the price of a good and the quantity supplied
  14. Supply Curve
    A graph of the relationship between the price of a good and the quantity supplied
  15. Equilibrium
    A situation in which the market price has reached the level at which quantity supplied equals quantity demanded
  16. Equilibrium Price
    The price that balances quantity supplied and quantity demanded
  17. Equilibrium Quantity
    The quantity supplied and the quantity demanded at the equilibrium price
  18. Surplus
    A situation in which quantity supplied is greater than quantity demanded
  19. Shortage
    A situation in which quantity demanded is greater than quantity supplied
  20. Law of Supply and Demand
    The claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance

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