Key Terms
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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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| Cost of production | The total amount of money spent on costs of materials, labor, taxes, etc., to manufacture economic goods and services
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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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| Elastic demand | A form of demand for products in which changes in price correspond to changes in demand
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| Elasticity | which is an indication of how changes in price will affect changes in the amounts demanded and supplied.
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| Inelastic demand | A form of demand in which changes in price do not affect demand
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| 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
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| 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
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| 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
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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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| Substitute goods | Items that can be used in place of others; items that satisfy the same needs/wants; similar goods.
Examples: Ice Cream and Candy Bars or Ketchup and Mustard
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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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| Utility | Usefulness; capable of satisfying wants and needs
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| Equilibrium Price | the point at which the quantity of a good or service that buyers demand is equal to the quantity that sellers are supplying.
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| Complementary Goods | Complementary goods are products which are used together.
Examples:
Tennis balls and tennis rackets.
iPhone and Apps to use with an iPhone.
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