| Change in quantity demanded | the effect of a price change on quantity demanded
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| Change in quantity supplied | the effect of a price change on quantity supplied
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| Complementary products | products that are consumed together
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| Decrease in demand | a decrease in the quantity demanded of a product at all prices
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| Decrease in supply | a decrease in the quantity supplied of a product at all prices
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| Demand | the relationship between the various possible prices of a product and the quantities of that product consumers are willing to purchase
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| Demand curve | a graph that expresses possible combinations of prices and quantities demanded of a product
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| Demand determinants | factors that can cause an increase or a decrease in a product's demand
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| Demand schedule | a table that shows possible combinations of prices and quantities demanded of a product
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| Increase in demand | an increase in the quantity demanded of a product at all prices
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| Increase in supply | an increase in the quantity supplied of a product at all prices
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| Inferior products | products whose demand changes inversely with income
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| Law of demand | states that there is an inverse relationship between a product's quantity demanded and its price
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| Law of supply | states that there is a direct relationship between a product's quantity supplied and its price
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| Market demand | the sum of all consumers' quantity demanded for a product at each price
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| Market equilibrium | the stable point at which demand and supply curves intersect
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| Market supply | the sum of all producers' quantity supplied at each price
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| Normal products | products whose demand changes directly with income
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| Quantity demanded | the amount of a product consumers are willing to purchase at each price
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| Quantity supplied | the amount of a product businesses are willing to supply at each price
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| Shortage | an excess of quantity demanded over quantity supplied
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| Substitute products | products that can be consumed in place of one another
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| Supply | the relationship between the various possible prices of a product and the quantities of the product that businesses are willing to supply
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| Supply curve | a graph that expresses possible combinations of prices and quantities supplied of a product
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| Supply determinants | factors that can cause an increase or a decrease in a product's supply
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| Supply schedule | a table that shows possible combinations of prices and quantities supplied of a product
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| Surplus | an excess of quantity supplied over quantity demanded
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2002 McGraw-Hill Higher Education