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WHS PoBF 5.01F

LAP EC 12

TermDefinition
Buyer’s market The best time for consumers to buy; characterized by large supply, small demand, and low prices
Consumers People who use goods and services to satisfy their wants
Demand The quantity of a good or service that buyers are ready to buy at a given price at a particular time
Demand price The maximum price buyers are willing and able to pay for a product
Equilibrium price The point at which the quantity of a product that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price; equal to both the demand price and the supply price
Excess demand The situation that exists when demand is greater than supply
Excess supply The situation that exists when supply is greater than demand
Incentives A function of relative prices that encourages producers to change and reallocate their resources; motivators
Market Any circumstance under which buyers and sellers exchange goods or services for a price
Market-clearing price Equilibrium price
Market price Actual price that prevails in a market at any particular moment
Price The amount of money paid for a good, service, or resource
Price ceiling A maximum legal price that businesses can charge for certain products
Price controls Government restrictions on the minimum and/or maximum prices of certain products
Price information A function of relative prices that is necessary for consumers, producers, and resource owners to make important economic decisions; data concerning value/cost
Producers The people who make or provide goods and services
Profit Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
Rationing A function of relative prices that determines who gets the goods and services produced; determining how scarce resources will be distributed
Relative price One price compared to another; the ratio between two prices
Resource owners Those who provide human resources, natural resources, and capital goods in order for production to take place
Seller’s market The best time for producers to sell; characterized by large demand, small supply, and high prices
Substitution effect A phenomenon that occurs when changes in relative prices cause buyers to replace the purchase of one product with another
Supply The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
Supply price The minimum price producers are willing and able to receive for a product
Value The amount of satisfaction a good or service will provide a customer
Created by: VNelsonWHS
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