Economic Spotter: Supply and Demand at the Gold Rush
Printed on November 21st 2009Demand
The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
Quantity Demanded
The amount of a good or service people will buy at a given price in a given period of time.
Quantity Supplied
The amount of a good or service sellers are willing and able to offer at a given price in a given period of time.
Shortage
The situation that results when the quantity demanded for a product exceeds the quantity supplied. Generally happens because the price of the product is below the market equilibrium price.
Supply
The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time.
Glossary terms from: http://www.econedlink.org/lessons/index.php?lid=328&page=teacher
