Microeconomics Part 1 Supply and demand

where supply and demand intersect

describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market

A situation in which quantity demanded is greater than quantity supplied

A situation in which quantity supplied is greater than quantity demanded

the price at which the quantity demanded equals the quantity supplied

the quantity supplied and the quantity demanded at the equilibrium price

the quantity of a good or service that consumers are willing and able to buy

other things being equal, the quantity demanded of a good falls when the price of the good rises

Anything other than price of the current item that influences consumer buying decisions, including income, tastes and preferences, price of related items (substitutes and complements), number of consumers in the market, and expected future price.

Anything other than price of the current item that influences production decisions, including cost of raw materials, cost of labor, level of technology used to produce, number of producers in the market, price of related products, and expected future price.

The quantity of something that producers have available for sale

a graph of the relationship between the price of a good and the quantity supplied

a graph of the relationship between the price of a good and the quantity demanded

the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises

a table that shows the relationship between the price of a good and the quantity supplied

a table that shows the relationship between the price of a good and the quantity demanded

the amount of a good that sellers are willing and able to sell

the amount of a good that buyers are willing and able to purchase

a social trend or change in peoples preference for a good

more consumers; increase in total demand for a good

goods that can be used to replace the purchase of similar goods when prices rise

goods used with another good

government payment to encourage or protect a certain economic activity

government intervention in a market that affects the production of a good

the more __________________ you have, the more human capital which increases productivity

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A legal minimum price above equilibrium at which a good can be sold

A legal maximum price below equilibrium at which a good can be sold

a price ceiling placed on rent. This creates a shortage

an example of price floor, This creates a surplus