Economics Chapter 3

A schedule of curve that shows the various amounts of a product that consumers will buy at each of a series of possible prices during a specific period

The principle that, other things equal, as price falls, the quantity demanded rises, and as price rises, the quantity demanded falls

A curve illustrating the inverse relationship between the price of a product and the quantity demanded, other things equal

Factors other than price that locate the position of a demand curve

A good (or service) whose consumption rises when income increases and falls when income decreases

A good (or service) whose consumption declines as income rises and rises as income decreases

A good (or service) that can be used in place of some other good (or service)

A good (or service) that is used in conjunction with some other good (or service)

A change in the quantity demanded of a product at every price

A movement from one point to another on a demand curve

A schedule or curve that shows the amounts of a product that producers are willing to make available for sale at each of a series of possible prices during a specific period

The principle that, other things equal, an increase in the price of a product will increase to quantity of it supplied; and conversely for a price decrease

Curve illustrating the direct relationship between the quantity supplied of a product and its price, other things equal

Factors other than price that determine the quantities supplied of products

A change in the quantity supplied of a product at every price; a shift of the supply curve to the left or right