Definition of Demand Schedule:a table that shows the relationship between the price of a good and the quantity demanded. 2. Definition of Demand Curve:a graph of the relationship between the nanded D Ceteris Paribus Definition of Ceteris Paribus:a Latin phrase,translated as"other things being equal,"used as a reminder that all variables other than the ones being studied are assumed to be constant. Market Demand Versus Individual Demand The arket demand is the sum of all of the individual demands for a particular good or service Shifts in the Demand Curve When any determinant of demand changes (other than price),the demand curve will shift. Supply A. Definition of Quantity Supplied:the amount of a good that sellers are willing and able to sell. B. What Determines the Quantity an Individual Supplies? 1. Price Definition of Law of Supply:the claim that,other things equal,the quantity supplied ofa good rises when the price of the good rises Input Prices Technology 4 Expectations The Supply Schedule and the Sup oly Curv 1 of Supply Schedule a table that shows the relationship between the price of a good and the quantity supplied Definition of Supply Curve:a graph of the relationship between the price of a good and the quantity supplied D Market Supply Versus Individual Supply The market supply curve can found by summing individual supply curves Shifts in the Supply Curve When any determinant of supply changes (other than price).the supply curve will shift. IV Supply and Demand Together Equilibrium The point where the supply and demand curves intersect is called the market's equilibrium. Definition of Equilibrium:a situation in which supply and demand 9 9 1. Definition of Demand Schedule: a table that shows the relationship between the price of a good and the quantity demanded. 2. Definition of Demand Curve: a graph of the relationship between the price of a good and the quantity demanded. D. Ceteris Paribus Definition of Ceteris Paribus: a Latin phrase, translated as “other things being equal,” used as a reminder that all variables other than the ones being studied are assumed to be constant. E. Market Demand Versus Individual Demand The market demand is the sum of all of the individual demands for a particular good or service. F. Shifts in the Demand Curve When any determinant of demand changes (other than price), the demand curve will shift. III. Supply A. Definition of Quantity Supplied: the amount of a good that sellers are willing and able to sell. B. What Determines the Quantity an Individual Supplies? 1. Price Definition of Law of Supply: the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises. 2. Input Prices 3. Technology 4. Expectations C. The Supply Schedule and the Supply Curve 1. Definition of Supply Schedule: a table that shows the relationship between the price of a good and the quantity supplied. 2. Definition of Supply Curve: a graph of the relationship between the price of a good and the quantity supplied. D. Market Supply Versus Individual Supply The market supply curve can be found by summing individual supply curves. E. Shifts in the Supply Curve When any determinant of supply changes (other than price), the supply curve will shift. IV. Supply and Demand Together A. Equilibrium 1. The point where the supply and demand curves intersect is called the market’s equilibrium. 2. Definition of Equilibrium: a situation in which supply and demand