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Chp. 3 Econ
PASS: Supply and Demand
| Term | Definition |
|---|---|
| elastic demand | a situation when a change in price causes a large change in quantity demanded |
| fair market price | the price that results from competition between buyers and sellers |
| inelastic demand | a situation when a change in price causes little change in the quantity demanded |
| law of supply and demand | an economic theory which states that consumers’ quantity demand for a product will increase as the price decreases and vice versa; producers’ quantity supply will increase as the price increases and vice versa |
| market | place where people buy, sell, or trade goods and services |
| private goods | property that people own |
| profit | a company’s earnings after paying all its costs; the reward a company receives for taking risks; difference between money received and money spent |
| public goods | goods managed by governments but made available to everyone |
| quantity demand | amount of goods or services that consumers are willing to buy at a particular price |
| tax revenue | the money the government collects through various taxes |
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pinetreeacademy
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