Key Terms

Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.

Question

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Competitive market, p. 70

Supply and demand model, p. 70

Demand schedule, p. 71

Quantity demanded, p. 71

Demand curve, p. 72

Law of demand, p. 72

Shift of the demand curve, p. 73

Movement along the demand curve, p. 73

Substitutes, p. 75

Complements, p. 75

Normal good, p. 76

Inferior good, p. 76

Individual demand curve, p. 77

Quantity supplied, p. 80

Supply schedule, p. 80

Supply curve, p. 80

Shift of the supply curve, p. 81

Movement along the supply curve, p. 81

Input, p. 83

Individual supply curve, p. 84

Equilibrium price, p. 87

Equilibrium quantity, p. 87

Market-clearing price, p. 87

Surplus, p. 89

Shortage, p. 90