| Definition | Economic Term |
|---|
| This man further developed and popuralized the supply and demand model in 1890 | |
| How much the market can offer | |
| A person who buys goods and services | |
| Desired quantity of a good | |
| Under the assumption of perfect competition, supply is determined by | |
| The value of a this will change as the levels of supply rise and fall | |
| Anything that anyone wants | |
| This type of supply and demand is typically thirty days or less | |
| One of the earlier writings on how both supply and demand interacted to determine price | |
| Represented by the letter 'P' on a supply and demand chart | |
| | Definition | Economic Term |
|---|
| 'The higher the price, the lower the quantity demanded' | |
| The network in which buyers and sellers interact to exchange goods and services for money | |
| Represented by the letter 'Q' on a supply and demand chart | |
| How supply and demand respond to various factors | |
| The result from the actual demand for a given product being lower than the projected, or estimated, demand for that product | |
| This type of supply and demand is usually a time period of a year or more | |
| When supply and demand are equal | |
| When not enough of a good is available | |
| As demand for one product rises, this also rises | |
| When too much of a good is available | |
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Famous Foursomes
'A' Game
Common Passwords
