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202 Supply and Deman

Supply and Demand

QuestionAnswer
Buyer's market The best time for consumers to buy; characterized by large supply, small demand and how low prices
Buying power The amount of money
Complementary goods Products that are used together (e.g., shirks and blouses, ski boots and ski, software and computers
Consumers buying power Cash and credit a consumer has available to spend
cost of production The tola amount of money spent on cost of materials, labor, taxes, etc., to manufacture economic goods and services
demand the quantity of a good service that buyers are ready to but at given price at a particular time
elastic demand a from of demand for products in which changes in price correspond to changes in demand
elasticity an indication of how changes in price well affect changes in the amounts demanded and supplied
equilibrium the point at which the quantity demand
equilibrium price the point at which the quantity of good that buyers want to buy is equal to the quantity that sellers 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 that the quantity of a good or service that people will buy varies in price of good or service
law of supply and demand economic principle which states that the supply of good or service will increase when demand if 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 condition sin which people live; quality of life
substitute goods items that can be used in place of other items that satisfy the same needs/wants similar goods
supply the quantity of good or service that sellers are and willing to offer for sale at specified price in given time period
utility usefulness capable of satisfying wants and needs
Created by: user-1964962
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