Microeconomics

Demand Schedule

A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices

Market Demand

To find the market demand, you add together all the quantity demanded numbers to get the quantity, and the price stays the same, so you graph accordingly

Complement Goods

Two goods are considered to be complements if an increase in the price of one decreases demand for the other, and vice versa.

Quantity Demanded

The amount of a good that buyers are willing and able to purchase at a given price.

Quantity Supplied

The amount of a good that sellers are willing and able to supply at a given price

Law of Demand

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

Law of Supply

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

Supply Curve

A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices

Demand Curve

A graphical representation of the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices

Supply Schedule

A table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various prices

Normal Goods

Normal goods are those for which consumers' demand increases when their income increases

Inferior Goods

a good that decreases in demand when consumer income rises (or rises in demand when consumer income decreases)