Economics/Supply & Demand

3. competition- a focus on the sale of a product.
5. market- a system in which the prices for goods and services are self-regulated by buyers and sellers negotiating in an open market.
7. utility- when a company provides goods or services to consumers when they demand or need them.
8. at the market price the quantity demanded is equal to the quantity supplied.
10. consumer willingness and ability to buy products.
11. a business relation in which parties compete to gain customers.
12. economy where all property, including land, factories and companies, is held by the government.
13. the number of goods producers are willing to make and sell.

1. the money earned from conducting business after all costs and expenses have been paid.
2. the static quantity of a good or service when its price changes
3. utility- the purchaser has the legal right to own and use it freely.
4. of living- the quantity and quality of material goods and services available to a given population.
6. an added value in economic terms; an attribute of goods and services that makes them capable of satisfying consumers wants and needs.
8. a change in price quickly results in a change in the quantity demanded.
9. utility- to making goods or services available in locations that allow consumers to easily access products and services.