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Supply & Demand

Key Terms

QuestionAnswer
Buyer's Market The best time for consumers to buy; characterized by large supply, small demand, and low prices
Cost of production The total amount of money spent on costs of materials, labor, taxes, etc., to manufacture economic goods and services
Demand The quantity of a good or service that buyers are ready to buy at a given price at a particular time
Elastic demand A form of demand for products in which changes in price correspond to changes in demand
Elasticity which is an indication of how changes in price will affect changes in the amounts demanded and supplied.
Inelastic demand A form of demand in which changes in price do not affect demand
Law of Demand Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service
Law of Supply Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price
Law of Supply and Demand Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low
Seller's market The best time for producers to sell; characterized by large demand, small supply, and high prices
Substitute goods Items that can be used in place of others; items that satisfy the same needs/wants; similar goods. Examples: Ice Cream and Candy Bars or Ketchup and Mustard
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
Utility Usefulness; capable of satisfying wants and needs
Equilibrium Price the point at which the quantity of a good or service that buyers demand is equal to the quantity that sellers are supplying.
Complementary Goods Complementary goods are products which are used together. Examples: Tennis balls and tennis rackets. iPhone and Apps to use with an iPhone.
Created by: scotts.moore
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