Applied Economics

the different amounts of a product that a seller would make available for sale at different prices

• Demand Schedule

• Demand

• Supply Schedule

• Supply

a list of the amounts of a product that a buyer would purchase at different prices

• Demand Schedule

• Demand

• Supply Schedule

• Supply

a list of the amounts of a product that a seller would offer for sale at different prices

• Demand Schedule

• Demand

• Supply Schedule

• Supply

a line on a graph that illustrates a downward slope because of the inverse relationship between price and quantity

• Demand Schedule

• Demand Curve

• Supply Schedule

• Supply Curve

a line on a graph that illustrates an upward slope because of the direct relationship between price and quantity

• Demand Schedule

• Demand Curve

• Supply Schedule

• Supply Curve

states that, holding all nonprice factors constant, as a product’s price increases, the quantity of the product decreases, and as a product’s price decreases, the quantity increases

• Law of Demand

• Law of Supply

• Law of Demand and Supply

• Law of Curve Shifts

states that, holding nonprice factors constant, the quantity of a good or service that a supplier is willing to offer on the market relates directly to price.

• Law of Demand

• Law of Supply

• Law of Demand and Supply

• Law of Curve Shifts

a place or situation in which the buyers and sellers of a product interact for the purpose of exchange

• Economy

• Church

• Bank

• Market

The price and quantity where demand equals supply; price and quantity toward which a free market automatically moves.

• Equilibrium Price

• Equilibrium Quantity

• Equilibrium Price and Quantity

• Equilibrium Market

represented by a movement along a demand or supply curve from one price-quantity point to another.

• Change in Value Demanded and Value Supplied

• Change in Curve Demanded and Curve Supplied

• Change in Price Demanded and Price Supplied

• Change in Quantity Demanded and Quantity Supplied