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Obj.2.02

Business & glossary

TermDefinition
Buyers 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 (skirts and blouses skis and software)
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 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 aa certain price
Equilibrium The point at which the quantity supplied is equal to the quantity demanded
Inelastic demand A form of demand in which changes in price do not affect demand
Law of demand Economic principle which stats that the quantity of good or service that people will buy varies inversely with the price of the good or service
Law of supply Economic principles which state 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 Economic principle which states that the supply of a good or service will increase when demand is great and decease 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 conditions which people live quality of life
Substituted goods Items that can be used in place to others items that satisfy the same need/wants similar goods
Supply The quantity of a goo or service that sellers are able and willing to offer for sale at a specified prices in a given time period
Utility Usefulness capable of satisfying wants and needs
Created by: user-1964965
Popular Business sets

 

 



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