Exploring Microeconomics and Demand

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Demand

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different quantities of good that consumers are willing and able to buy at different prices

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Supply

Back

different quantities of goods that producers are willing and able to produce at different prices

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Law of demand

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negative causal relationship between price and quantity demanded: the higher the price, the lower the quantity demanded

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Law of supply

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positive causal relationship between price and quantity supplied: the higher the price, the higher the quantity supplied

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Market equilibrium

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a position of balance between demand and supply, and occurs when quantity demanded is equal to quantity supplied

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competitive market

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a market where the price of a good, service, or factor of production is determined through the interactions of many small buyers and sellers, so that no one can influence the price

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PED

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the responsiveness of the quantity demanded to a change in price

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PES

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the responsiveness of the quantity demanded to a change in price

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XED

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the responsiveness of quantity demanded of one good to a change in the price of another good

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YED

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The responsiveness of quantity demanded to a change in income