Council for Economic Education Glossary

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Q

Quality Comparison
Examining products to learn whether one is better than others.

Quantity Demanded
The amount of a good or service people will buy at a given price in a given period of time.

Quantity Supplied
The amount of a good or service sellers are willing and able to offer at a given price in a given period of time.

Quotas
In international trade, the limit on the quantity of a product that may be imported or exported, established by government laws or regulations; in command economies, more typically a production target assigned by government planning agencies to the producers of a good or service.