Source: Images by Video Scribe, License held by Colton Cranston
From Latin, meaning, "holding all other things constant."
The quantity of goods and services that may be purchased at a given time specific to a set income and range of price levels.
The point at which the quantity supplied at a given quantity price combination equals the quantity demanded; where the supply and demand curves intersect.
Demonstrated when the price of the product changes and impacts the quantity supplied (demanded).
Movements that may cause either an increase or decrease in the quantity supplied of a given good or service for a specific price level; the shift occurs due to more or less resource access, decrease or increase in the price of inputs, or changes in regulation (taxes and subsidies). For demand, the changes are typically related to income or preference changes.
The fixed quantity of goods and services available for a range of price levels at a set point in time.