| A | B |
|---|
| Law of Supply | As the price of a good or service goes up, the quantitiy supplied will go up |
| Law of Demand | As the price of a good or service goes up (or down), the quantity demanded will go up (or down) |
| Change in quantity demanded | movement along the demand curve, related to change in price |
| Change in quantitiy supplied | movement along the supply curve, relaye to change i n price |
| Change in demand | shift of the entire demand curve, related to a change in one or more of the determinants of demand |
| Change in supply | shift of the entire supply curve, related to a change in one or more of the determinants of supply |
| Determinants of Demand | tastes and preferences, etc |
| Determinants of Supply | costs of labor, land, etc. |
| Equilibirium Price | point where the supply and demand curves intersect; most effecicient price |
