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Chp. 3 Econ

PASS: Supply and Demand

TermDefinition
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
Created by: pinetreeacademy
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