| A | B |
|---|
| Demand | The amount purchased at various prices |
| Quantity Demanded | The amount purchased at a particular price |
| Supply | The amount producers will provided at various prices |
| Quantity Supplied | The amount provided at a particluar price |
| Inter-related Demand | Complementary, substitute and derived demand |
| Inter-related supply | Joint and Competitive goods |
| Elastic Demand | The quanity change is greater |
| Inelastic Demand | The price change is greater |
| Unitary Demand | The price change equals the quantity change |
| Coefficient of supply elasticity | (%change in Qs) / (%change in P) |
| Surplus | When Qd < Qs |
| Shortage | When Qd > Qs |
| Equilibrium | When Qd = Qs |
| Minimum Wage | Price Floor |
| Rent Control | Price Ceiling |
| A Market | Where buyers and sellers meet |
| Inferior good | demand increases when income decreases |
| Normal good | demand increases when income increases |
| An increase in demand | A rightward shift of the demand curve |
| A decrease in quantity supplied | The price of the product has decreased |
