states that as the price increases, quantity demanded decreases

supply and demand interact

E stands for

price is above leading to excess supply

all other factors are constant

I stands for

price is below leading to excess demand

price set below to make goods affordable

amount of money that an individual receives

T stands for

price set above to protect sellers

refers to the willingness and ability of buyers to purchase

when price increase, the consumers real income decreases

a place where the exchange of goods and services take place

demand rises with income

price of good increases, consumers tend to buy less of it and more of substitute

graphical representation of demand schedule, illustrating the inverse relationship

table showing different quantities demanded

a mathematical model

quantity demanded and quantity supplied are equal

B stands for?

consumer behavior influenced by factors like weather, occasions, and trends

products that serve the same function

supply and demand are not equal

people expect price to rises

R stands for

portion of income and plays a significant role

demand decreases as income rises

part of income that is saved rather than spent