Supply and Demand

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Can you name the Supply and Demand Basics?

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DefinitionEconomic Term
As demand for one product rises, this also rises
Desired quantity of a good
When supply and demand are equal
The network in which buyers and sellers interact to exchange goods and services for money
Anything that anyone wants
Represented by the letter 'P' on a supply and demand chart
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
This man further developed and popuralized the supply and demand model in 1890
When too much of a good is available
DefinitionEconomic Term
A person who buys goods and services
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
One of the earlier writings on how both supply and demand interacted to determine price
How much the market can offer
Represented by the letter 'Q' on a supply and demand chart
This type of supply and demand is usually a time period of a year or more
This type of supply and demand is typically thirty days or less
When not enough of a good is available
'The higher the price, the lower the quantity demanded'

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