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Microeconomics Schedule B: Demand and Supply


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Market
Where or when buyers and sellers meet to trade or exchange goods and services.
Supply
The quantity of a product that producers are willing and able to provide at different market prices over a period of time
Demand
the quantity of a product that consumers are able and willing to purchase at various prices over a period of time
Notional demand
The desire for a product
effective demand
the willingness and ability to buy a product
Ceteris paribus
All other thing being equal assuming other variables remain unchanged
Consumer surplus
The extra amount that a consumer is willing to pay for a product above the price that is actually paid.
Producer surplus
The difference between the price a producer is willing to accept and what it is actually paid.
equilibrium price
the price where demand and supply are equal
Clearing price
the price where demand and supply are equal
equilibrium quantity
the quantity that is demanded and supplied at the equilibrium price
disequilibrium
any position in the market where supply and demand are not equal
Surplus
An excess of supply over demand
Shortage
An excess of demand over supply