front 1 Demand | back 1 Willingness and ability to buy goods and services |
front 2 Individual Demand | back 2 Willingness and ability to buy goods and services of one individual in a market |
front 3 Market Demand | back 3 Willingness and ability to buy goods and services of all individuals in the market |
front 4 Contraction in Demand | back 4 Decrease in quantity demanded due to an increase in price |
front 5 Extension in Demand | back 5 Increase in quantity demanded due to an decrease in price |
front 6 Increase in Demand | back 6 Increase in quantity demanded due to factors other than the price. e.g. Increase in Income. Right shift in the demand curve. |
front 7 Decrease in Demand | back 7 Decrease in quantity demanded due to factors other than the price. e.g. Decrease in Income. Left shift in the demand curve. |
front 8 Supply | back 8 Willingness and ability to sell goods and services |
front 9 Individual Supply | back 9 Willingness and ability to sell goods and services by one firm in a market |
front 10 Market Supply | back 10 Willingness and ability to sell goods and services by all firms in a market |
front 11 Extension in Supply | back 11 Increase in quantity supplied due to increase in price |
front 12 Contraction in Supply | back 12 Decrease in quantity supplied due to decrease in price |
front 13 Increase in Supply | back 13 Increase in the quantity supplied due to factors other price. e.g. Decrease in Production cost. Right shift in the supply curve. |
front 14 Decrease in Supply | back 14 Decrease in the quantity supplied due to factors other price. e.g. Increase in Production cost. Left shift in the supply curve. |
front 15 Market Equilibrium | back 15 It is when quantity demanded is equal to quantity supplied at a given price. |
front 16 Market Disequilibrium | back 16 It is when quantity demanded is not equal to quantity supplied at a given price. |