business essentials

1. A phenomenon that occurs when changes in relative prices cause buyers to replace the purchase of one product with another
3. 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; the price equal to both the demand price and the supply price; also known as equilibrium price
5. One price compared to another; the ratio between two prices
10. A function of relative prices that determines who gets the goods and services produced; determining how scarce resources will be distributed
13. The situation that exists when supply is greater than demand
16. The amount of satisfaction a good or service will provide a customer
17. Actual price that prevails in a market at any particular moment
18. The maximum price buyers are willing and able to pay for a product
19. 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
21. The quantity of a good or service that buyers are ready to buy at a given price at a particular time
22. The minimum price producers are willing and able to receive for a product

2. The best time for consumers to buy; characterized by large supply, small demand, and low prices
4. The situation that exists when demand is greater than supply
6. 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; the price equal to both the demand price and the supply price; also known as market-clearing price
7. Those who provide human resources, natural resources, and capital goods in order for production to take place
8. A function of relative prices that is necessary for consumers, producers, and resource owners to make important economic decisions; data concerning value/cost
9. The amount of money paid for a good, service, or resource
11. A function of relative prices that encourages producers to change and reallocate their resources; motivators
12. The best time for producers to sell; characterized by large demand, small supply, and high prices
14. The people who make or provide goods and services
15. People who use goods and services to satisfy their wants
20. Any circumstance under which buyers and sellers exchange goods or services for a price
23. Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid