Core supply and demand concepts, shifts versus movements, and market equilibrium. Front: the term or concept. Back: a plain-language definition.
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- Supply
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The quantity of a good that producers are willing and able to offer at various prices- Demand
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The quantity of a good that consumers are willing and able to buy at various prices- Quantity demanded
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The amount of a good consumers want to buy at a specific price- Quantity supplied
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The amount of a good producers want to sell at a specific price- Law of demand
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As price increases, quantity demanded decreases, and vice versa- Market demand
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The sum of all individual demands for a good by all consumers in a market- Market supply
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The sum of all individual supplies of a good by all producers in a market- Market equilibrium
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The point where the quantity demanded equals the quantity supplied- Equilibrium quantity
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The amount of a good bought and sold at the equilibrium price- Movement along the demand curve
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A change in quantity demanded caused by a change in the good's own price- Shift of the demand curve
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A change in overall demand caused by factors other than the good's own price- Movement along the supply curve
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A change in quantity supplied caused by a change in the good's own price- Shift of the supply curve
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A change in overall supply caused by factors other than the good's own price- Determinants of demand
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Factors other than price that affect the quantity demanded, such as income, preferences, and prices of related goods- Income effect
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The change in quantity demanded of a good resulting from a change in consumer income
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