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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

Deck Info

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