Supply — definition?
The total quantity producers are willing to sell at various prices.
Supply — definition?
Total quantity producers willing to sell at various prices.
Law of Supply — role?
States that higher prices lead to higher quantities supplied.
Law of Supply — concept?
Higher prices lead to higher quantity supplied.
Demand — definition?
The quantity consumers are willing and able to buy at various prices.
Supply Curve — shape?
Upward-sloping, positive relationship.
Demand — definition?
Total quantity consumers are willing to buy at various prices.
Law of Demand — concept?
Higher prices lead to lower demand.
Market Equilibrium — meaning?
Where supply equals demand.
Surplus — definition?
Excess supply at a given price.
Test your knowledge with 9 questions on Understanding Supply and Demand Dynamics.
1. What does the term 'supply' specifically refer to in economics?
2. What does the supply curve typically illustrate in economic models?
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