| A | B |
|---|
| Quantity demanded | the amount of a good or service that consumers are willing and able to buy at a specific price |
| Demand | the quantity of a good or service that consumers are both willing and able to buy at various prices |
| Demand curve | a graph of the relationship between the price of a good or service and the quantity buyers are willing and able to buy |
| Demand schedule | a list of the quantities of a good that one person will buy at various prices |
| Law of demand | an economic law stating that as the price of a good or service increases, the quantity demanded decreases, and vice versa |
| Market demand | the sum of all the individual quantities demanded in a market |
| Needed for demand to exist | desire, willingness, ability |
| Substitutes | a product that satisfies the same basic want as another product |
| Complementary good | a product that is used or consumed jointly with another product |
| Change in demand | an increase or decrease in demand as a result of a change in factors other than price; a shift of the demand curve to the left or right |
| demand shifters | a factor other than price that can cause a change in demand for a good or service |
| Quantity supplied | the amount of a good or service that producers are willing and able to offer for sale at a specific price |
| Supply | the quantity of a good or service that producers are willing and able to offer for sale at various prices |
| Supply curve | a graph that shows the relationship between price and the quantity that producers are willing and able to supply |
| Supply schedule | a table that shows the quantities supplied at different prices in a market |
| Law of Supply | an economic law stating that as the price of a good or service increases, the quantity supplied increases, and vice versa |
| Market Supply | the sum of all the individual quantities supplied in a market |
| Revenue | the amount of money a firm receives in the course of doing business |
| Change in quantity supplied | an increase or decrease in quantity supplied as a result of a change in price |
| Change in supply | an increase or decrease in supply as a result of a change in factors other than price; a shift of the supply curve to the left or right |
| Supply shifters | a factor other than price that can cause a change in the supply of a good or service |
| Subsidy | a government payment to a supplier of goods or services, designed to help that supplier continue to operate |
| Excise tax | a tax on the manufacture or sale of a good |
| Elasticity* | a measure of the degree to which the quantity demanded or supplied of a good or service changes in response to a change in price |
| Elasticity of demand* | a measure of the sensitivity of consumers to a change in price |
| Inelastic* | not responsive, or only slightly responsive, to a change in price, applied to either supply or demand |
| Elastic* | responsive to a change in price, applied to either supply or demand |
| Elasticity of supply* | a measure of the sensitivity of producers to a change in price |
