Economics

2. A market in which goods and services are bought and sold illegally
4. When the quantity of a good demanded exceeds the quantity supplied
8. Illustrates the relationship between quantity demanded and price for an individual consumer
10. Is the maximum price sellers are allowed to charge for a good or service
12. The minimum price buyers are required to pay for a good or service
14. Two that if the price decreases of one good the other good goes down in demand
15. A market in which there are many buyers and sellers of the same good or service, none of whom can influence the price at whcih the goord or service is sold
17. Legal restrictions on how high or low a market price may go
18. Says that other things being equal, the price and quantity supplied of a good are positively related
19. When the quantity of a good supplied exceeds the quantity demanded

1. Shows how much of a good or service consumers will be willing and able to buy at different prices
3. A graphical representation of demand schedule
5. when no individual in an economic situation would be better off doing something different
6. Two goods that if the price of one good increases it leads to an increase of demand for the other good
7. The actual amount of a good or service that consumers are willing and able to buy at some specific price
9. Illustrates the relationship between quantity supplied and price for an individual producer
11. The actual amount of a good or service people are ewilling to sell at some specific price
13. A higher price for a good or service that leads people to demand a smaller quantity of that good or service
14. Shift of the supply curve, which changes the quantity supplied at any price
16. Shows how much of a good or service producers would supply at different prices