Chapter 4 - The Market Forces of Supply and Demand

Shortage

________- a situation in which quantity demanded is greater than quantity supplied.

Surplus

________- a situation in which quantity supplied is greater than quantity demanded.

particular good

Market- A group of buyers and sellers of a(n) ________ or service.

Supply schedule

________- a table that shows the relationship between the price of a good and the quantity supplied.

Law of supply

________ and demand- the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance.

Market supply

________- the sum of the supplies of all sellers.

Supply curve

________- a graph of the relationship between the price of a good and the quantity supplied.