Changes in Supply and Demand
Glossary
demand:
the relationship between the price and the quantity demanded of a certain good or service
quantity demanded:
the total number of units of a good or service consumers are willing to purchase at a given price
quantity supplied:
the total number of units of a good or service producers are willing to sell at a given price
shift in demand:
when a change in some economic factor (other than price) causes a different quantity to be demanded at every price
shift in supply:
when a change in some economic factor (other than price) causes a different quantity to be supplied at every price