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EC-011 Glossary

Business Essentials

TermDefinition
Buyers market The best time for consumers to buy; characterized by large suplly, 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, ect.
Demand The quanity of a good or service that buyers are ready to buy at a given place at a particular time
Elastic demand A form of demand for products in which changes in price correspond to changes in demand
Elasticy An indiction of how changed in price will affect changes in the amounts demanded and supplied
Equilibrium The point at which the quanity supllied is equal to the quanity demaded
Equilibrum price The point at which the quanity of a good that buyers want to buy is equal to the quanity that sellers are willing to sell at a certain place
Inelastic demand A form of demand in which changes in price do not affect demand
Law of demand Economic principle which states that the quanity 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 quanity 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 incease when demand is great and decrease when demand is low
Sellers market The best time for producers to sell, characterized by large demand, smalll supply, high prices
Standard of living The general conditions in which people live; quality of life
Subsitute goods Items that can be used in the place of others
Supply The quanity of a good or service that sellers are able to willing to offer for sale at a specified price in an given period
Utility Usefullness, capable of satisfying wants and needs
Created by: user-1964947
 

 



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