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Art /Economics: Demand, Supply, and Equilibrium

Economics: Demand, Supply, and Equilibrium

Art9 CardsCreated 3 months ago

This deck covers the fundamental concepts of demand, supply, and equilibrium in economics, including the laws of demand and supply, demand and supply schedules and curves, and equilibrium price and quantity.

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What is demand in economic terminology?

Demand is the relationship between a range of prices and the quantities demanded at those prices, as illustrated by a demand curve or a demand schedule.

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Key Terms

Term

Definition

What is demand in economic terminology?

Demand is the relationship between a range of prices and the quantities demanded at those prices, as illustrated by a demand curve or a demand schedul...

What is the law of demand?

The law of demand states that as the price increases, the quantity demanded decreases, and conversely, as the price decreases, the quantity demanded i...

What is a demand schedule?

A demand schedule is a table that shows the quantity demanded at a range of different prices.

What is a demand curve?

A demand curve is a graphic illustration of the relationship between price and quantity demanded.

What is supply in economic terminology?

Supply is the amount of some good or service a producer is willing to supply at each price.

What is the law of supply?

The law of supply states that a higher price leads to a higher quantity supplied, and a lower price leads to a lower quantity supplied.

What is a supply schedule?

A supply schedule is a table that shows the quantity supplied at a range of different prices.

What is a supply curve?

A supply curve is a graphic illustration of the relationship between price and quantity supplied.

What is equilibrium in economics?

Equilibrium is the point where the quantity demanded and the quantity supplied are equal.

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Economics: Demand, Supply, and Equilibrium

Term	Definition
What is demand in economic terminology?	Demand is the relationship between a range of prices and the quantities demanded at those prices, as illustrated by a demand curve or a demand schedule.
What is the law of demand?	The law of demand states that as the price increases, the quantity demanded decreases, and conversely, as the price decreases, the quantity demanded increases.
What is a demand schedule?	A demand schedule is a table that shows the quantity demanded at a range of different prices.
What is a demand curve?	A demand curve is a graphic illustration of the relationship between price and quantity demanded.
What is supply in economic terminology?	Supply is the amount of some good or service a producer is willing to supply at each price.
What is the law of supply?	The law of supply states that a higher price leads to a higher quantity supplied, and a lower price leads to a lower quantity supplied.
What is a supply schedule?	A supply schedule is a table that shows the quantity supplied at a range of different prices.
What is a supply curve?	A supply curve is a graphic illustration of the relationship between price and quantity supplied.
What is equilibrium in economics?	Equilibrium is the point where the quantity demanded and the quantity supplied are equal.