Demand and Supply Flashcards
1
Q
Composite Demand
A
When a good is demanded for more than one purpose eg lead can be used for construction or farming
2
Q
Demand
A
When a consumer is willing to purchase a good or service at a given price level at any given time
3
Q
Derived demand
A
when the demand for one good or service stem from the demand of another good or service eg labour is derived demand for production
4
Q
Equilibrium
A
Price at which demand = supply also known as market clearing price
5
Q
Supply
A
Quantity of goods suppliers are willing to sell at any given price level over a period of time
