Supply and demand

Glossary:

• supply schedule (curve)
  A set of price-quantity points that depicts how quantity supplied of a good is affected by changing prices. In graphical terms, a supply schedule is generally an upward-sloping curve with price on the vertical axis and quantity demanded on the horizontal axis. The upward-sloping curve shows the positive relationship between price and quantity demanded. On a given supply curve, factors other than own price that might also affect quantity supplied are assumed to be unchanged.
  
• demand schedule (curve)
  A set of price-quantity points that depicts how quantity demanded of a good is affected by changing prices. In graphical terms, a demand schedule is generally a downward-sloping curve with price on the vertical axis and quantity demanded on the horizontal axis. The downward-sloping curve shows the inverse relationship between price and quantity demanded. On a given demand curve, factors other than own price that might also affect quantity demanded are assumed to be unchanged.
  

Topics:

Market Demand, What Price Means, Market supply

Keywords

demand, demand shift, excess demand, excess supply, price determination, shortage, supply, supply shift, surplus