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202 supply and deman
BE 202 Supply and Demand
| Term | Definition |
|---|---|
| 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 |
| 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 of a good that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price |
| Equililbrium price | is the market price at which the quantity of a good or service supplied by producers exactly equals the quantity demanded by consumers. |
| inelastic demand | consumer demand for a good or service doesn't change much, or remains relatively stable, even when its price changes |
| Law Of Demand | a higher price for a good or service leads to a lower quantity demanded, while a lower price leads to a higher quantity demanded |
| Law of supply | as the price of a good or service increases, the quantity supplied also increases, and conversely, as the price decreases, the quantity supplied decreases |
| Law of supply and demand | buyers' and sellers' actions interact to determine market prices and quantities of goods. The law of demand states that consumers demand less of a good at higher prices, while the law of supply states that producers supply more at higher prices |
| seller's market | greater than the available supply, giving sellers a distinct advantage |
| Standard of living | a measure of the material wealth, comfort, and access to essential goods and services available to a person or community |
| Substitute goods | products or services that consumers can use in place of one another to satisfy a similar need or desire, |
| Supply | the act of providing something, as in supplying a town with electricity, or the amount of something available |
| utility | the practical usefulness or satisfaction derived from something, the equipment or service that provides essential public services like water, gas, and electricity, or even software programs that perform routine computer operations |
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