The positive relationship between price and quantity of goods supplied, it states that all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer also increases and vice versa.

A table that shows how much of a given product a household would be willing to buy at different prices.

It is the condition that exists when quantity supplied and quantity demanded at the current price is equal or simply, the point where the demand and supply curves intersects.

The degree to which the price of a product affects consumers' purchasing behaviours.

The sum of household's wages, salaries, profits, interest payment, rents, and other forms of earnings in a given period of time.

Goods that can serve as replacements for one another; the increase in the price of one good cause the demand for another good to increase.

This factor affecting the quantity supplied is related to the prices of the factors for production which directly influences one's cost of production.

Basic good used in commerce that is interchangeable with other commodities of the same type like grains, wheat, vegetable, oil and precious metals.

This type of commodities are natural resources that need to be extracted like golds and diamonds.

The risk attributed by the change in prices of commodities.

A factor that influence commodity price where a war or a coup my signal a rise in the commodity prices since price of imported goods from those warring countries also rises like what's happening now in Ukraine and Russia.

It pertains to the nature and different degrees of competition prevailing in the market for goods and services.

A short-term decision of a firm to halt production for a specific period of time due to market conditions.

These are the characteristics of a monopoly EXCEPT

This is a market structure characterized by a few interdependent sellers.

The value of currency expressed in terms of the amount of goods or services that one unit of money can buy.

It is the traditional economic measure of purchasing power.

The process of moving from one country to another of which one is not a native for permanent residence.

The most traded commodity in the world which significantly affects world economy.