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EC-011 Glossary

Business management 1

TermDefinition
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 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 from of demand for products in which changes in the prices correspond to changes in demand
Elasticity An indication of how changes in prices will affect changes in the amounts demanded and supplied
Equilibrium The point at which the quantity supplied is equal to the quantity demand
Equilibrium price The point at which the quantity of a good that buyer want to buy is equal to the quantity that seller are willing to sell at a certain price
Inelastic demand A from 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 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 its price
Law of supply and demand
Seller's market
Standard of living
Substitute goods
Created by: q.esmeralda26
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