ECON Chapter 4 terms

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ndumas2
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65891
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ECON Chapter 4 terms
Updated:
2011-02-12 15:59:51
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ECON COLANDER chapter
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Chapter 4 terms
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  1. Law of demand
    • quanity demaned rises as price falls, other thigns constant.
    • quantity demanded falls as price rises other thigns counstant
  2. Demand curve
    the grapic representation of the relationship between price and quanityt demanded
  3. demand
    refers to a scheduel of quanitites of a good taht will be bought er unit of time at various prices, otehr thigns constant
  4. quantity demanded
    refers to a specific amount that will be demanded per unit of time at a specific price other thigns coustant
  5. movement along a demand curve
    the graphical representation of the effectof a change in price on the quanitty demanded
  6. shift in demand
    the graphical representation of teh effect of anything other then price of demand
  7. shift factors of demand
    • society's income
    • the prices of other goods
    • tastes
    • expectations
    • taxes on and subsides to consumers
  8. market demand curve
    the horizontal sum of all individual demand curves
  9. law of supply
    • quantitiy supplied rises as price rises, other thigns constant
    • quantity supplied falls as price falls, other thigns constant
  10. supply curve
    the graphical representation of the relationship between price and quantity supplied
  11. supply
    refers to a scheduel of quantities a seller is willing to sell per unit of time at various prices other thigns constant
  12. quantity supplied
    refers to a specific amount that will be supplied at a specific price
  13. movement along a supply curve
    the graphical representation of teh effect of a change in price on the quanity supplied
  14. shift in supply
    the graphical representation of the effects of a change in a factors other than price on supply
  15. market supply curve
    the horizontal sum of all individual supply curves
  16. equilibrium
    a concept in which opposing dynamic forces cancel each other out
  17. equilibrium quantity
    the amount bought and sold at the equilibrium price
  18. equilibrium price
    the price toward which the invisible hand drives the market
  19. excss supply
    a surplus, quantity supplied is greater than quantitiy demanded
  20. excess demand
    a shortage quantity demanded is greater than quantiy supplied
  21. fallancy of composition
    the false assumption that what is true for a part will also be true for the whole

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