Econ defs (chapt 4)
Terms
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- change in the quantity demanded
- Movement along a given demand curve reflecting a change in price and quantity
- change in the quantity supplied
- Movement along a given supply curve reflecting a change in price and quantity
- comparative statics analysis
- Study of changing demand and supply conditions
- demand curve
- Relation between price and the quantity demanded, holding all else constant
- demand function
- Relation between demand and factors influencing its level
- derived demand
- Demand for inputs used in production
- direct demand
- Demand for consumption products
- equilibrium
- Perfect balance in demand and supply
- market equilibrium price
- Market clearing price
- shift in demand
- Switch from one demand curve to another following a change in a nonprice determinant of demand
- shift in supply
- Movement from one supply curve to another following a change in a nonprice determinant of supply
- shortage
- Excess demand
- supply
- Total quantity offered for sale
- supply curve
- The relation between price and the quantity supplied, holding all else constant
- supply function
- Relation between supply and all factors influencing its level
- surplus
- Excess supply
- utility
- Value