represents the quantity of goods and services that consumers are willing and     to purchase at a given time, at a given  ,  . 

willing  able  ceteris paribus  Demand  Price 

  represents a rise in either quantity supplied / demanded, along the original supply or demand curve.

Extension  Movement  A shift 

represents the amount over and and above market price that a consumer is willing and able to purchase a good or service for.

 Producer surplus  Consumer surplus  Surplus

represents the point where supply = demand, in other words the resources employed by firms to produce a good or service is exactly    to the number of units that consumers are willing and able to  . 

 Equilibrium  Market equilibrium  totals  purchase  equal  Surplus 

represents the quantity of goods and services that producers are willing and     to produce at a given time, for a given  ,  .

 price  ceteris paribus  Demand  Supply  Price  able

represents the cost to a firm of producing one additional good or service.

 Marginal cost  Total cost  Cost

A   in either supply or demand means that the demand / supply function shifts either to the left or right. 

change  shift 

represents the additional utility a consumer enjoys from consuming an additional unit of a good or service.

Utility  Total utility  Marginal utility

represents the amount over and above market price that a producer is willing and able to produce a good or service for.

 Surplus  Producer surplus  Consumer surplus

means all other other things being equal and is one of the assumption that economists make when measuring the impact of a change to one of the determinants of supply or demand.

 Market surplus  Ceteris paribus

Market disequilibrium represents the point when the market is not     efficient, because the market has either a surplus of    or an    of demand.  At most prices planned demand does not equal planned  .

 supply  supply  productively  allocatively  demand  excess  extra

A movement along the demand curve, caused by a shift in  , OR a movement along the supply curve, caused by a shift in  .

supply  demand  shift  

represents a fall in quantity supplied / demanded, along the original supply or demand curve.

 Extension  Contraction  A shift

  is equal to consumer plus producer surplus.

 Market surplus  Community surplus  Surplus

     and    - when an individual must choose a number, but the number is influenced by the person having just heard a different number. This then affects the decision-making process.  framing  anchoring  nudging  behavioural  

Bounded rationality - the idea that   is limited by the cognitive limitations of the mind and   available to make the decision. As a result decision makers act as    , seeking a satisfactory solution rather than an    one. time  optimal  theory  rationality  nudge   satisficers  

      - assumes consumers are able to exercise self-control, but unable to do so with some decisions.    selfishness  self-control  bounded  rationality  

       - most easily expressed as a concern for the well-being of others, e.g. giving to charities or helping a stranger, despite this expenditure offering no direct benefit to the consumer. selfishness  self-control  bounded  rationality