What economic term refers to the quantity of goods that the seller is willing to offer for sale? Definition:
Quantity supplied
is the quantity of a commodity that producers are willing to sell at a particular price at a particular point of time.
Which of the following refers to the number of products a seller is willing to sell?
Definition:
Quantity supplied
is the quantity of a commodity that producers are willing to sell at a particular price at a particular point of time.
Whats is inflation?
Inflation is
the rate of increase in prices over a given period of time
. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.
Which term refers to the amount of a good or service that producers are willing and able to make available at a certain price?
Definition. the amount of a good or service that producers are able and willing to sell at various prices during a specified time period.
What is the equilibrium quantity?
The equilibrium price is the only price where the plans of consumers and the plans of producers agree—that is, where
the amount consumers want to buy of the product, quantity demanded, is equal to the amount producers want to sell, quantity supplied
. This common quantity is called the equilibrium quantity.
Elasticity is
an economic concept used to measure the change in the aggregate quantity demanded of a good or service in relation to price movements of that good or service
. A product is considered to be elastic if the quantity demand of the product changes more than proportionally when its price increases or decreases.
What is
Demand
? Demand is an economic principle referring to a consumer’s desire to purchase goods and services and willingness to pay a price for a specific good or service.
| Term Definition | supply the amount of a good or service that producers are able and willing to sell at various prices during a specified time period | market the process of freely exchanging goods and services between buyers and sellers |
|---|
The
equilibrium price
is the market price where the quantities of goods supplied are equal to the quantities of goods demanded. This is the point at which the demand and supply curves in the market intersect.
Supply in economics is defined as
the total amount of a given product or service a supplier offers to consumers at a given period and a given price level
. It is usually determined by market movement. For instance, a higher demand may push a supplier to increase supply.
Deflation Definition
Deflation is
when consumer and asset prices decrease over time, and purchasing power increases
. Essentially, you can buy more goods or services tomorrow with the same amount of money you have today. This is the mirror image of inflation, which is the gradual increase in prices across the economy.
Inflation means
an increase in the general price level
. This means that money loses its value over time so you cannot buy as much with the income you receive.
Demand
is simply the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period. People demand goods and services in an economy to satisfy their wants, such as food, healthcare, clothing, entertainment, shelter, etc.
Quantity supplied (680) is greater than quantity demanded (500). Or, to put it in words, the amount that producers want to sell is greater than the amount that consumers want to buy. We call this a situation of
excess supply
(since Qs > Qd) or a surplus.
Economic equilibrium is
the combination of economic variables (usually price and quantity) toward which normal economic processes, such as supply and demand, drive the economy
. The term economic equilibrium can also be applied to any number of variables such as interest rates or aggregate consumption spending.
Disequilibrium is
a situation where internal and/or external forces prevent market equilibrium from being reached or cause the market to fall out of balance
. This can be a short-term byproduct of a change in variable factors or a result of long-term structural imbalances.
Inelastic is an economic term referring to
the static quantity of a good or service when its price changes
. Inelastic means that when the price goes up, consumers’ buying habits stay about the same, and when the price goes down, consumers’ buying habits also remain unchanged.
marginal utility, in economics,
the additional satisfaction or benefit (utility) that a consumer derives from buying an additional unit of a commodity or service
.
What Is Supply? Supply is a fundamental economic concept that describes
the total amount of a specific good or service that is available to consumers
. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.
