apec (analyze market demand, supply, and equilibrium Flashcards
it is the demand for a good or a service by an individual
individual demand/demand
it is the interaction of an individual’s desires with the quantities of goods and services that he or she is able to afford
individual demand/demand
it is what a buyers pays for a unit of specific goods or services
price
it is the total number of units purchased at that price
quantity demand
it is the table that show the quantity demand at each price
demand schedule
it shows the relationship between price and quantity demanded.
demand curve
it is the situation when the prices increases, the quantity demanded decreases
law of demand
it is the situation when the prices decreases, the quantity demanded increases
law of demand
it is obtained by adding together the individual demands of all the households in the economy
market demand
it is a total quantity of good or service that all producers are willing to supply at the prevailing set of relative prices during period of time.
market supply
it is obtained by adding together the individual supplies of all the firms in the economy
market supply
it is when the price increases, the quantity supplied increases or when the price decreases, the quantity supplies decreases
law of supply
it is achieved at the price at which quantities demanded and supplied are BALANCED OR EQUAL
market equilibrium
we can represent this in a graph by showing the combined price and quantity at which the supply and demand curves intersect.
market equilibrium
these are determined by the intersection of the supply and demand curves
equilibrium price and equilibrium quantity
