Demand

Quantity Demanded

Demand Schedule
(price and gallons of gas)

Demand Curve
(downward b/c of law of demand;
inverse relationship)

Q: Which refers to consumers buying less goods when prices go up?

Law of Demand
(up down)

Supply

Quantity Supplied

Supply Schedule

Supply Curve

Law of Supply
(up up)

Equilibrium
(demand meets supply)

Equilibrium Price

Excess Supply
(Surplus)

Excess Demand
(Shortage)

Shift in Demand