Supply and Demand Vocabulary

The amount of good or service that is produced.

• demand

• suppyl

• price

• market

The amount of a good or service consumers want.

• demand

• supply

• price

• market

The price for any good or service is where quantity supplied and the quantity demanded are the same.

• quantity supplied

• quantity demanded

• market equilibrium

• surplus

The amount of something that producers are willing to sell at a certain price.

• quantity supplied

• quantity demanded

• market eqilibrium

• surplus

The amount of something that consumers are willing to buy at a certain price.

• quantity supplied

• quantity demanded

• market equilibrium

• surplus

When there is an increase in supply.

• shortage

• surplus

• supply shock

When there is a decrease in supply.

• shortage

• surplus

• supply shock

What happens to price when supply goes up and demand goes down?

• up

• down

What happens to price when supply goes down and demand stays the same?

• up

• down

What does the graph show?

• market equilibrium

• supply shock

• surplus

• shortage