1. Supply/Demand in a Market Flashcards
1
Q
Inverse relationship between price and quantity demanded; price increase, consumer buy less - vice versa
A
Law of Demand
2
Q
Direct relationship between price and quantity supplied; price increase, sellers sell more - vice versa
A
Law of Supply
3
Q
Intersection of demand and supply on a PPC graph
A
Equilibrium
4
Q
Quantities that consumers are willing to buy at certain prices; buyers mindset/benefit
A
Demand
5
Q
Quantities that producers wish to sell at certain prices; sellers mindset/benefit
A
Supply
6
Q
Process of moving from an individual curve to a market curve
A
Horizontal Aggregation
7
Q
A
Quantity Demanded
8
Q
A
Quantity Supplied
9
Q
A
