Market Equilibrium

The common price from consumers (demand) and firms (supply) provides an equilibrium price. 
Demand:
People/firms/government demand (willingness to buy) goods and services.

Demand Schedule
:
A table showing how much of a good or service consumers will want to buy at different prices.
Demand Curve:
Is a graphical expression of the demand schedule.

Change in Quantity Demanded vs. a change in Demand:
Change in quantity demanded--same curve same data but a different price and quantity demanded combination.

Change in demand--new curve (shift) new data leads to a change in price.
*Determinants caused the change



Supply:
People/firms/government supply (produce) goods and services .

Supply Schedule:
A table showing how much of a good or service firms will want to produce at different prices.
Supply Curve:
A graphical expression of the supply schedule.

Change in Quantity Supplied vs. a change in Supply:
Change in quantity supplied--same curve same data but a different price and quantity supplied combination.

Change in supply--new curve (shift) new data leads to a change in price.
*Determinants caused the change