Interaction Between Demand And Supply Flashcards
0
Q
Supply
A
Specific quantity of a product that a seller is willing and able to provide at various prices
1
Q
Demand
A
Buyers willingness and ability to purchase products at various price points
2
Q
Demand curve
A
Graph of quantities of a product that buyers will purchase at various prices
3
Q
Supply curve
A
Graph of quantities of a product that sellers will offer for sale, regardless of demand, at various prices
4
Q
Equilibrium point
A
Point at which quantity supply and quantity demanded are equal
5
Q
Interaction between supply and demand
A
Price up, QD down, QS up
Price down, QD up, QS down
