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EC-011 Glossary
Business
| Term | Definition |
|---|---|
| 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(e.g., skirts and blouses, ski boots and skis, sofware and computers) |
| Consumer buying power: | Cash and credit a consumer has available to spend . |
| Cost of production: | The total amount of money apent on costs of materials, labor,texes,etc., to manufacture economic goods and service. |
| Demand: | The guantity od a good or service taht buyers are ready to buy at a given price ata a particular time . |
| Elastic demand: | A form of demand for products in whivh cganges in price correspond to changes in demand. |
| Elasticiy: | 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 godd that buyers want to buy is egual 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 demand. |
| Law od demand: | Economic principle which states that the eguantity of a good or service tagt people will by varies inversely with the price of the good or service. |
| Law of supply: | Economic principle which states that the quantity of a good or service that will be offered for sale vai=ries 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 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 conditions in which live; guality of life. |
| Substitute goods: | Items that can be used in place of others; items 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 a specified price in a given time period. |
| Utility: | Usefulness; capable of satisfying wants and needs. |
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