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EC-011 Glossary

Business Essentials

QuestionAnswer
Buyer's 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 are used together (e.g., skirts and blouses, ski boots and skis, software and computers)
Consumer and buying power Cash and credit a consumer has available to spend.
Cost of production The total amount of money spent on cost 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 An indication of how changes in price correspond to changes in demand.
Equilibrium The point at which the quantity supplied is equal to the quantity demanded and supplied.
Equilibrium Price The point at which the quantity of a good that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price.
Inelastic Demand A form of demand in which changes in price do not affect demand.
Law of Demand Economic principles which states that the quantity of a good or service that people will buy varies inversely with the price of a 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 it's price.
Law of supply and demand Economic principal which states that the supply of a good or service will increase when demand is greater 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.
Standard of living The general conditions in which people live; quality of life.
Substitute Goods Items that can be used in place of others; items that satisfy the same needs/wants; similar goods.
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 needs and wants.
Created by: IZZYBOONEE
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