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supply and demand

TermDefinition
Buyer market the best time for consumers to buy; characterized by large supply small demand and low prices
Buying power the amount of money available
complementary goods products that used together (e.g,skirts and blouses ski boots and skis, software and computers)
consumer buying power cash and credit a consumer had available to spend
cost of production the total amount of money spent on costs on materials labor taxes etc to manufacture economic goods and services
Demand the quanity 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 An indication of how changes in price will affect changes in the amounts demanded and supplied
Equilibrium The point at which the quantity supplied is equal to the quantity demanded
Equilibrium price The point at which the quantity of a good that buyers want to buy is equal to the quantity that sellers are wiling to sell at a certain price
inelastic demand A form of demand in which changes in price do not affect demand
Law of supply Economic principle which sates the quaintly 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
Sellers market the best time for producers to sell ; characterized by large demand small supply and high prices
standard living
Created by: diana.d435
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