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Demand
Is the utility for a good or service of an economic agent, relative to a budget constraint. Demand is a buyer's willingness and ability to pay a price for a specific quantity of a good or service. Demand refers to how much (quantity) of a product or service is desired by buyers at various prices.
Quantity Demand
The amount of goods which would be demanded at a particular price. If non-price factors that could influence demand are removed, then the higher the price of a good the lower the quantity of that good will be demanded. It is the inverse of the law of supply, and is directly related to the law of demand.
Supply
Refers to the amount of a product that producers and firms are willing to sell at a given price all other factors being held constant. Usually, supply is plotted as a supply curve showing the relationship of price to the amount of product businesses are willing to sell.
Quantity Supplied
A term used in economics to describe the amount of goods or services that are supplied at a given market price. Graphically, the amount of goods or services supplied lies at any point along the supply curve in a price versus quantity plane. The rate at which the amount supplied changes in response to changes in prices is called the price elasticity of supply.
Law of Demand
The law states that, all else being equal, as the price of a product increases, quantity demanded falls; likewise, as the price of a product decreases, quantity demanded increases.
Law of Supply
Is a fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied.
Is the utility for a good or service of an economic agent, relative to a budget constraint. Demand is a buyer's willingness and ability to pay a price for a specific quantity of a good or service. Demand refers to how much (quantity) of a product or service is desired by buyers at various prices.
Quantity Demand
The amount of goods which would be demanded at a particular price. If non-price factors that could influence demand are removed, then the higher the price of a good the lower the quantity of that good will be demanded. It is the inverse of the law of supply, and is directly related to the law of demand.
Supply
Refers to the amount of a product that producers and firms are willing to sell at a given price all other factors being held constant. Usually, supply is plotted as a supply curve showing the relationship of price to the amount of product businesses are willing to sell.
Quantity Supplied
A term used in economics to describe the amount of goods or services that are supplied at a given market price. Graphically, the amount of goods or services supplied lies at any point along the supply curve in a price versus quantity plane. The rate at which the amount supplied changes in response to changes in prices is called the price elasticity of supply.
Law of Demand
The law states that, all else being equal, as the price of a product increases, quantity demanded falls; likewise, as the price of a product decreases, quantity demanded increases.
Law of Supply
Is a fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied.