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BE 2.02
| Term | Definition |
|---|---|
| Buyer's market | The best time for consumers to by; Charaterized 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 goods | cash and credit a consumer has available to spend |
| Cost of production | The total amount of money spent on costs of materuals, labor, taxes, ect., to manufacture economic goods and services |
| Demand | The quantity of a good or service that buyers are ready to buy at given price at a particular time |
| Elastic demand | A form of demand for products in which changes in price correspond to change 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 deamand |
| Law of demand | Economic principle which states that the quantity of a good or service that people will buy varies inverseely with the price of the good or service |
| Law of supply | Economic priciple which states that the quantity of good or service that will be offered for sale varies in direct to its price |
| Law of supply and demand | Economic principle which states that supply of a good or service will increase when demand is great and decreas when demand is low |
| Seller's market | The best time for producers to sell; charaertized 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 wants and needs |
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