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TermDefinition
Buyer’s Market The best time for consumers to buy; characterized by large supply, small demand, and low prices.
Capital goods Manufactured or constructed items that are used in the production of goods and services.
Consumer Anyone who uses goods and services.
Consumer Goods Tangible items produced for personal use.
Consumption The process or activity of using 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.
Distribution A marketing/business function that is responsible for moving, storing, locating, and/or transferring ownership of goods and services
Economic Resources The human and natural resources and capital goods used to produce goods and services.
Economic Want Desires for items that can only be obtained by spending money.
Economics The study of how to meet unlimited, competing wants with limited resources.
Economizing The process of deciding which goods and services will be purchased or provided so that the most satisfaction can be obtained; deciding how scarce resources will be used.
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 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.
Excess Demand The situation that exists when demand is greater than supply.
Excess Supply The situation that exists when supply is greater than demand.
Exchange The process of trading one good/service for another.
Factors of Production Productive resources; human and natural resources and capital goods.
Form Utility Usefulness created by altering or changing the form or shape of a good to make it more useful to the consumer.
Goods Tangible objects that can be manufactured or produced for resale.
Human Resources People who work to produce goods and services.
Industrial Goods Tangible items that will be consumed by industrial users.
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 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.
Market Price Actual price that prevails in a market at any particular moment.
Natural Resources Any resource found in nature that is used to produce goods and services.
Noneconomic Want Desires for things that can be obtained without spending money.
Opportunity Cost The benefit that is lost when you decide to use scarce resources for one purpose rather than for another.
Place Utility Usefulness created by making sure that goods or services are available at the place where they are needed or wanted by consumers.
Possession Utility Usefulness created when ownership of a product is transferred from the seller to the user.
Price The amount of money paid for a good, service, or resource.
Producer The people who make or provide goods and services.
Production The economic process or activity of producing goods and services.
Rationing A function of relative prices that determines who gets the goods and services produced; determining how scarce resources will be distribute.
Relative Prices One price compared to another; the ratio between two prices.
Scarcity A condition resulting from the gap between unlimited wants for goods and services and limited resources.
Seller’s Market The best time for producers to sell; characterized by large demand, small supply, and high prices.
Services Intangible activities that are performed by other people for money; productive acts that satisfy economic wants.
Substitution Effect A phenomenon that occurs when changes in relative prices cause buyers to replace the purchase of one product with another.
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.
Time Utility Usefulness created when products are made available at the time they are needed or wanted by consumers or to complete specific business activities.
Trade-Off Giving up all or a part of one thing in order to get something else.
Utility Usefulness; capable of satisfying wants and needs.
Want A desire for something that may or may not be required.
Created by: carlos.b196
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