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WHS PoBF 5.01E

LAP EC 112

TermDefinition
Buyer’s 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, software and computers
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 The point at which the quantity supplied is equal to the quantity demanded
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 a certain price
Inelastic demand A form of demand in which changes in price do not affect demand
Law of demand Economic principle which states that the quantity of a good or service that people will buy 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 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 decrease when demand is low
Seller’s 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 people live; quality of life
Substitute goods Items that can be used in place of others; items that 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 at a specified price in a given time period
Utility Usefulness; capable of satisfying wants and needs
Created by: VNelsonWHS
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