2017-09-19 3:14:00 pm: market is an interaction between buyers and sellers, does not have to be a physical space, local, national, international, price is discovered in the interactions of the buyers and sellers. Demand: schedule (table) or curve, amount consumers are willing and able to purchase at a given price, during a specified period of time, other things equal, individual demand, market demand. Steak: inferior goods, good that when you earn more you buy less (ex. Kraft dinner: change in prices of related goods, complementary goods, one that is used together with another good (ex. Demand for coffee decreases, demand for cream decreases: substitute goods, one that can be used in place of another good (ex. Price of coffee increases, demand of tea increases, causes a shift to the right: change in quantity demanded- moves from one point on the curve to the next point, change in demand- shifts the whole curve.