Economics: Basics

3. 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
4. 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
5. Items that can be used in place of others; items that satisfy the same needs/wants; similar goods
6. A form of demand in which changes in price do not affect demand
8. The best time for consumers to buy; characterized by large supply, small demand, and low prices
12. Products that are used together (e.g., skirts and blouses, ski boots and skis, software and computers)
15. The quantity of a good or service that buyers are ready to buy at a given price at a particular time
16. Usefulness; capable of satisfying wants and need
18. Cash and credit a consumer has available to spend

1. An indication of how changes in price will affect changes in the amounts demanded and supplied
2. A form of demand for products in which changes in price correspond to changes in demand
3. The general conditions in which people live; quality of life
7. The amount of money available
9. Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low
10. The total amount of money spent on costs of materials, labor, taxes, etc., to manufacture economic goods and services
11. The best time for producers to sell; characterized by large demand, small supply, and high prices
13. The point at which the quantity supplied is equal to the quantity demanded
14. 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
17. 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