2.02 A Vocab

The quantity of a good or service that buyers are ready to buy at a given price at a particular time.

• Demand

• Supply

• Equilibrium

   The process or activity of using goods and services; the economic process or activity of using goods and services.

• Distribution

• Economic goods

• Consumption

A desire for something that can only be satisfied by spending money.

• Economic Want

• Elastic demand

• Exchange

A form of demand for products in which changes in price correspond to changes in demand.

• Demand

• Elastic demand

• Nonelastic 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

• Law of Demand

• Law of equilibrium

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.

• Law of Demand

• Law of Supply

• Law of Rules

Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low.

• Law of Supply

• Law of Demand

• Law of Supply and Demand

Desires for things that can be obtained without spending money.

• Economic Want

• Non economic want

• Production

The benefit that is lost when you decide to use scarce resources for one purpose rather than for another.

• Scarcity

• Opportunity cost

• Want

The amount of money paid for a good, service, or resource.

• Price

• Supply

• Consume