supply, demand, equilibrium

demand is

• the amount of a good/service that consumers are willing to buy at various prices within a time period

• where the supply and demand is balanced

• How responsive consumers are to prce changes

• the amount of a good/service that consumers are willing to sell at various prices within a time period

supply is

• the amount of a good/service that consumers are willing to buy at various prices within a time period

• where the supply and demand is balanced

• How responsive consumers are to prce changes

• the amount of a good/service that consumers are willing to sell at various prices within a time period

elasticty is

• the amount of a good/service that consumers are willing to buy at various prices within a time period

• where the supply and demand is balanced

• How responsive consumers are to prce changes

• the amount of a good/service that consumers are willing to sell at various prices within a time period

equilibrium is

• the amount of a good/service that consumers are willing to buy at various prices within a time period

• where the supply and demand is balanced

• How responsive consumers are to prce changes

• the amount of a good/service that consumers are willing to sell at various prices within a time period

increase in supply or demand moves the curve

• right

• left

• up

• down

decrease in supply or demand moves the curve

• right

• left

• up

• down

situation where demand exceeds supply

• market

• surplus

• shortage

• diminishing marginal utility

situation where supply exceeds demand

• market

• surplus

• shortage

• diminishing marginal utility

the law of demand has an inverse relationship meaning

• price and quantity move in the same directions

• price moves but quantity remains constant

• price and quantity move in opposite directions

• quantity moves but price remains constant

the law of supply has a direct relationship meaning

• price and quantity move in the same directions

• price moves but quantity remains constant

• price and quantity move in opposite directions

• quantity moves but price remains constant