Unit Three

the selling side of a market

what exists when people come together to buy and selll

refers to the quantity of a good that buyers are willing to buy at a specific price

when the price of a good or service goes up, quantity demanded for that good or service goes down

a change in the price of a complement or substitute, a change in popularity, or an expected future change in price may cause this to occur

goods that serve the same purpose and compete for the same buyers

two items frequently bought and used together

shows how much demand changes when price changes

quantity demanded changes more than price

quantity demanded changes less than price

change in quantity demanded proportionate to change in price

as price of good increases, quantity supplied increases

a change in resource prices, taxes, or technology may cause this to occur

condition when quantity supplied equals quantity demanded

occurs when quantity supplied is greater than quantity demanded

occurs when quantity demanded is greater than quantity supplied

maximum price set below equlibrium

maximum price set above equilibrium

when maximum price is set below equilibrium, leads to

when maximum price set above equilibrium, leads to