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2.02 study stack
Supply and demand
| Term | Definition |
|---|---|
| Buyers Market | The best time for consumers to buy, characterized by large supply, small demand, and low prices |
| Buying power | The amount of money available |
| Complimentary goods | Products that are used together9e.g, skirts and blouses, ski boots and skis, software and computers0 |
| Consumer buying power | Cash and credit a consumer has available to spend |
| 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 | 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 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 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 |
| sellers 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, and 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 wants and needs |
Created by:
daniel jorge
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