Supply and Demand

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Can you name the Supply and Demand Basics?

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

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