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MarketingVocats3.02

QuestionAnswer
The amount of goods producers are willing and able to produce and sell at a given price during a certain period of time Supply
Producers prefer to supply when the price is high Seller's Market
A consumer’s willingness and ability to buy products at a given price during a certain period of time Demand
Consumers prefer to buy when the price is low Buyer's Market
With all other factors being equal, as the price of a product increases, the quantity supplied will increase, and as the price of a product decreases, the quantity supplied will decrease. Law of Supply
With all other factors being equal, as the price of a product increases, consumer demand for the product decreases, and as the price of a product decreases, consumer demand for the product increases. Law of Demand
When supply exceeds demand Surplus
When demand exceeds supply, also referred to as scarcity Shortage
Occurs when supply and demand are equal-producers & consumers happy Equilibrium
degree to which demand for a product is affected by its price Elasticity
Refers to how changes in the price of a product result in a change on the demand for that product. For example, when the price of a cheeseburger is reduced, demand may increase Elastic Demand
Refers to how changes in the price of a product have very little affect on the demand for that product. For example, some people might be willing to pay any price for gas. Inelastic Demand
If a substitute is easily obtainable, demand becomes more elastic Availability
Many customers will only purchase a certain brand-demand becomes inelastic. Brand Loyalty
When an increase in the price of a good or service does not have a major impact on a customer’s budget, the demand is usually inelastic Price relative to income
demand is most likely to be elastic Luxury item
demand is usually inelastic Necessity
If a purchase must be made immediately, demand tends to be inelastic Urgency of Purchase
Created by: melinda.fornes
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