(See related pages)
Below are the key terms featured in this chapter. The textbook's full glossary is also available for online searching.
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| change in quantity demanded | the effect of a price change on quantity demanded (See page(s) 30) |
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| change in quantity supplied | the effect of a price change on quantity supplied (See page(s) 35) |
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| complementary products | products that are consumed together (See page(s) 32) |
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| decrease in demand | a decrease in the quantity demanded of a product at all prices (See page(s) 31) |
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| decrease in supply | a decrease in the quantity supplied of a product at all prices (See page(s) 36) |
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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 (See page(s) 29) |
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| demand curve | a graph that expresses possible combinations of prices and quantities demanded of a product (See page(s) 30) |
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| demand determinants | factors that can cause an increase or a decrease in a product's demand (See page(s) 30) |
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| demand schedule | a table that shows possible combinations of prices and quantities demanded of a product (See page(s) 30) |
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| increase in demand | an increase in the quantity demanded of a product at all prices (See page(s) 31) |
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| increase in supply | an increase in the quantity supplied of a product at all prices (See page(s) 36) |
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| inferior products | products whose demand changes inversely with income (See page(s) 32) |
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| law of demand | states that there is an inverse relationship between a product's quantity demanded and its price (See page(s) 29) |
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| law of supply | states that there is a direct relationship between a product's quantity supplied and its price (See page(s) 35) |
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| market demand | the sum of all consumers' quantity demanded for a product at each price (See page(s) 30) |
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| market equilibrium | the stable point at which demand and supply curves intersect (See page(s) 39) |
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| market supply | the sum of all producers' quantity supplied at each price (See page(s) 35) |
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| normal products | products whose demand changes directly with income (See page(s) 32) |
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| quantity demanded | the amount of a product consumers are willing to purchase at each price (See page(s) 29) |
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| quantity supplied | the amount of a product businesses are willing to supply at each price (See page(s) 35) |
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| shortage | an excess of quantity demanded over quantity supplied (See page(s) 40) |
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| substitute products | products that can be consumed in place of one another (See page(s) 32) |
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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 (See page(s) 35) |
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| supply curve | a graph that expresses possible combinations of prices and quantities supplied of a product (See page(s) 35) |
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| supply determinants | factors that can cause an increase or a decrease in a product's supply (See page(s) 36) |
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| supply schedule | a table that shows possible combinations of prices and quantities supplied of a product (See page(s) 35) |
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| surplus | an excess of quantity supplied over quantity demanded (See page(s) 39) |