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SPA.ECON 1

Word study from the ECON 1 standard

TermDefinition
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
Equilibrium price The price at which the quantity demanded is the same as the quantity supplied
Industry A term for any group of businesses; for example, the fashion industry
Firm A company; A business
Competition The struggle among businesses for the dollars of consumers
Market A place or way buyers and sellers are brought together to do business
Resources A source of economic wealth, like minerals, land, and labor
Quantity supplied The amount of a good firms choose to sell at a single price
Quantity demanded The amount of a good consumers choose to buy at a single price
Substitutes Goods that can replace each other; an increase in the price of one good will increase the demand for the other
Compliments Two goods that are used together, so that supply and demand for each tend to move in tandem
Efficiency using resources to the maximum benefit with as little or no waste as possible
Shortage a situation where there is not enough of a good or service; demand is larger than supply
Surplus a situation where there is too much of a good or service; supply is larger than demand
Price floor A minimum price for a good or service
Price ceiling A maximum price for a good or service
Goods physical objects that can be touched
Services actions or activities that one person performs for another
Public A good or service provided by the government for all citizens to use
Externalities The economic side effect of a good or service that affects people not involved as sellers or consumers
Monopoly A market dominated by a single seller
Created by: markleyj
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