Individual supply: the amount of a good or service that one producer is prepared and able to sell
Glossary Category: Price System and Microeconomy
effective demand
Effective demand refers to the quantity of a good or service that consumers are willing and able to
individual and market demand
Individual demand: the quantity of a good or service that a single consumer is prepared and able to
price elasticity of demand
Price elasticity of demand (PED) measures the responsiveness of the quantity demanded for a good or service to
income elasticity of demand
Income elasticity of demand (YED) measures the sensitivity of the quantity demanded for a good or service to
cross elasticity of demand
Cross elasticity of demand (XED) measures the responsiveness of the quantity demanded for one good or service to