click below
click below
Normal Size Small Size show me how
Econ One Lesson One
11 vocab words you need for lesson one
Question | Answer |
---|---|
supply | The quantity of a good or service producers are willing and able to sell at a specific price |
demand | The quantity of a good or service consumers are willing and able to purchase at specific prices |
quantity supplied | The amount of a good firms choose to sell at any and all prices |
quantity demanded | The amount of a good consumers choose to buy at a any and all prices |
market | A place or way buyers and sellers are brought together to do business |
equilibrium | The price at which the quantity demanded is the same as the quantity supplied |
shortage | a situation where a good or service is unavailable; demand is larger than supply |
surplus | a situation where there is too much of a good or service; supply is larger than demand |
firm | A company; A business |
industry | A term for any group of businesses; for example, the automobile industry |
resources | A source of economic wealth, like minerals, land, and labor |