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VERTICAL AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the 'Y-axis' that runs up and down.

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Lesson 7: Market Equilibrium | Unit 3: A Graph Page: 10 of 22

Topic: The Curves <=PAGE BACK | PAGE NEXT=>

Combining the demand and supply curves into a single graph gives us a market graph.
  • Price is measured on the vertical axis and quantity on the horizontal axis.
  • The negative slope indicates the law of demand.
  • The law of supply is indicated by the positive slope of this curve.
  • We now have a market

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MARKET

The organized exchange of commodities (goods, services, or resources) between buyers and sellers within a specific geographic area and during a given period of time. Markets are the exchange between buyers who want a good (the demand-side of the market) and the sellers who have it (the supply-side of the market).

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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for slow moving vehicles with darkened windows.
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The average length of a "business lunch" is about 36 minutes.
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