2.02E Pricing - VOCABULARY for Business Essentials
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| show | The best time for consumers to buy; characterized by large supply, small demand, and low prices
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| show | People who use goods and services to satisfy their wants
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| show | The quantity of a good or service that buyers are ready to buy at a given price at a particular time
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| show | The maximum price buyers are willing and able to pay for a product
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| Equilibrium price | show 🗑
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| show | The situation that exists when demand is greater than supply
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| show | The situation that exists when supply is greater than demand
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| Incentives | show 🗑
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| show | Any circumstance under which buyers and sellers exchange goods or services for a price
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| Market-clearing price | show 🗑
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| show | Actual price that prevails in a market at any particular moment
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| Price | show 🗑
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| Price ceiling | show 🗑
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| Price controls | show 🗑
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| Price information | show 🗑
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| Producers | show 🗑
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| show | Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
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| show | A function of relative prices that determines who gets the goods and services produced; determining how scarce resources will be distributed
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| show | One price compared to another; the ratio between two prices
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| show | Those who provide human resources, natural resources, and capital goods in order for production to take place
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| Seller's market | show 🗑
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| Substitution effect | show 🗑
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| show | 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
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| show | The minimum price producers are willing and able to receive for a product
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| Value | show 🗑
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