quantity demanded the total number of units of a good or service consumers are willing to purchase at a

given price

quantity supplied the total number of units of a good or service producers are willing to sell at a given price

shift in demand when a change in some economic factor (other than price) causes a different quantity to be

demanded at every price

shift in supply when a change in some economic factor (other than price) causes a different quantity to be

supplied at every price

shortage at the existing price, the quantity demanded exceeds the quantity supplied; also called excess

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3 • Key Concepts and Summary 79

demand

social surplus the sum of consumer surplus and producer surplus

substitute a good that can replace another to some extent, so that greater consumption of one good can mean

less of the other

supply the relationship between price and the quantity supplied of a certain good or service
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