2.02E Pricing - VOCABULARY for Business Essentials
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| Buyer's market | The best time for consumers to buy; characterized by large supply, small demand, and low prices
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| Consumers | People who use goods and services to satisfy their wants
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| Demand | 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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| Demand price | The maximum price buyers are willing and able to pay for a product
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| Equilibrium price | The point at which the quantity of a product that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price; equal to both the demand price and the supply price
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| Excess demand | The situation that exists when demand is greater than supply
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| Excess supply | The situation that exists when supply is greater than demand
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| Incentives | A function of relative prices that encourages producers to change and reallocate their resources; motivators
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| Market | Any circumstance under which buyers and sellers exchange goods or services for a price
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| Market-clearing price | Equilibrium price
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| Market price | Actual price that prevails in a market at any particular moment
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| Price | The amount of money paid for a good, service, or resource
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| Price ceiling | A maximum legal price that businesses can charge for certain products
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| Price controls | Government restrictions on the minimum and/or maximum prices of certain products
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| Price information | A function of relative prices that is necessary for consumers, producers, and resource owners to make important economic decisions; data concerning value/cost
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| Producers | The people who make or provide goods and services
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| Profit | 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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| Rationing | 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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| Relative price | One price compared to another; the ratio between two prices
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| Resource owners | Those who provide human resources, natural resources, and capital goods in order for production to take place
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| Seller's market | The best time for producers to sell; characterized by large demand, small supply, and high prices
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| Substitution effect | A phenomenon that occurs when changes in relative prices cause buyers to replace the purchase of one product with another
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| Supply | 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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| Supply price | The minimum price producers are willing and able to receive for a product
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| Value | The amount of satisfaction a good or service will provide a customer
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