5/15/12

Economics Glossary: Q



Quantity demanded – The amount of a product that a household would be willing and able to buy within a certain time frame at the current market price.

Quantity of labor demanded – The total labor hours that all firms in the economy plan to hire at a given real wage rate during a certain period of time.
Quantity of labor supplied – the total labor hours that all households plan to work given a real wage rate and during a certain period of time.

Quantity supplied – The amount of a good or service that a firm would be willing and able to sell at a given price during a given period of time.

Quantity theory of money – The theory based on the equation MV = PY and also assumes that the velocity of money (V) is held constant.

Queuing – A method of allocating goods using a nonprice mechanism.  May involve waiting in a line, also known as “first come first serve”.

Quota – A limit on the quantity of imports allowed into a country.

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