quantity demanded
The amount of any good, service, or resource that people are willing and able to buy during a specified period at a specified price.
demand
The relationship between the quantity demanded and the price of a product when all other influences on buying plans remain the same.
demand schedule
A list of the quantities demanded at each different price when all the other influences on buying plans remain the same.
demand curve
A graph of the relationship between the quantity demanded of a product and its price when all the other influences on buying plans remain the same.
market demand
The sum of the demands of all the buyers in the market.
change in demand
A change in the quantity that people plan to buy when any influence on buying plans other than the price of the product changes.
substitute
A product that can be consumed in place of another product.
complement
A product that is consumed with another product.
normal good
A good for which demand increases when income increases and demand decreases when income decreases.
inferior good
A good for which demand decreases when income increases and demand increases when income decreases.
change in the quantity demanded
A change in the quantity of a product that people plan to buy that results from a change in the price of the product with all other influences on buying plans remaining the same.
quantity supplied
The amount of any good, service, or resource that people are willing and able to sell during a specified peirod at a specified price.
supply
The relationship between the quantity supplied and the price of a product when all other influences on selling plans remain the same.
supply schedule
A list of the quantities supplied at each different price when all the other influences on selling plans remain the same.
supply curve
A graph of the relationship between the quantity supplied of a good and its price when all the other influences on selling plans remain the same.
market supply
The sum of the supplies of all the sellers in the market.
change in supply
A change in the quantity that suppliers plan to sell when any influence on selling plans other than the price of the good changes.
substitute in production
A good that can be produced in place of another good.
complement in production
A good that is produced along with another good.
Change in the quantity supplied
A change in the quantity of a product that the suppliers plan to sell that results from a change in the price of the good.
market equilibrium
When the quantity demanded equals the quantity supplied--buyers' and sellers' plans are in balance.
equilibrium price
The price at which the quantity demanded equals the quantity supplied.
equilibrium quantity
The quantity bought and sold at the equilibrium price.