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Economics Today The Macro View Ch.3 Homework rated A Market ️All of the arrangements that individuals have for exchanging with one another. Thus, for example, we can speak of the labor market, the automobile market, and the credit market. Demand ️A schedule showing how much of a good or s...

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Economics Today The Macro View Ch.3 Homework rated A
Market ✔️All of the arrangements that individuals have for exchanging with one another. Thus, for

example, we can speak of the labor market, the automobile market, and the credit market.




Demand ✔️A schedule showing how much of a good or service people will purchase at any price during

a specified time period, other things being constant.




Law of demand ✔️The observation that there is a negative, or inverse, relationship between the price

of any good or service and the quantity demanded, holding other factors constant.




Relative price ✔️The money price of one commodity divided by the money price of another

commodity; the number of units of one commodity that must be sacrificed to purchase one unit of

another commodity.




Money price ✔️The price expressed in today's dollars; also called the absolute or nominal price.




Demand curve ✔️A graphical representation of the demand schedule. It is negatively sloped line

showing the inverse relationship between the price and quantity demanded (other than being equal).

, Market demand ✔️The demand of all consumers in the marketplace for a particular good or service.

The summation at each price of the quantity demanded by each individual.




Ceteris paribus conditions ✔️Determinants of the relationship between price and quantity that are

unchanged along a curve. Changes in these factors causes the curve to shift.




Normal goods ✔️Goods for which demand rises as income rises. Most goods are normal goods.




Inferior good ✔️Goods for which demand falls as income rises.




Substitutes ✔️Two goods are substitutes when a change in the price of one causes a shift in demand

for the other in same direction as the price change




Complements ✔️Two goods are complements when a change in the price of one causes an opposite

shift in the demand for the other.




Supply ✔️A schedule showing the relationship between price and quantity supplied for a specified

period of time, other things being equal.

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