Demand  - The quantity of a good or service that buyers are willing and able to buy at possible prices during a certain period.., Law of Demand - When the price increases the quantity demanded decreases., Supply  - The quantity of a good or service that producers are willing and able to offer for sale at each possible price during a given time period., Law of Supply - When the price increases the quantity supplied also increases., Consumer - The demanders of good and services., Good - A physical item you can purchase., Service - When someone does something for you like cut your hair. , Demand Determinants - Factors in the market that can make demand increase or decrease without the price changing., Supply Determinants - Factors in the market that can cause supply to increase or decrease without the price changing., Producer - The suppliers of a good or service., Market - This is made up of consumers and producers wanting to buy and sell a certain good or service., Surplus - An excess of production or supply over demand., Shortage - Where the quantity demanded is greater than the quantity supplied. , Equilibrium Price - When the quantity demanded is equal to the quantity supplied.,

Economics Vocab - Demand, Supply, Equilibrium Price

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