individuals or householders who buy goods and services for their own use or for others.

(a)  

where buyers and sellers get together to trade.

(a)  

the quantity of a product that consumers are willing and able to buy at different prices per period of time other things equal,ceteris paribus.

(a)  

the quantity of a product that producers are willing and able to sell at different prices within a time period,other things are equal,ceteris paribus.

(a)  

all the stages of a product’s progress from raw materials,production and distribution until it reaches the consumer.

(a)  

where buyers may want to buy a product but which is not always backed up by the ability to pay.

(a)  

demand that is supported by the ability to pay.

(a)  

a line plotted on a graph that represents the relationship between the quantity demanded and the price of a product.

(a)  

the total amount demanded by consumers.

(a)  

the data from which a demand curve is drawn on a graph.

(a)  

shows how quantity demanded responds to a change in price.

(a)  

where the quantity demanded increases as income increases.

(a)  

where the quantity demanded increases as income decreases.

(a)  

an alternative good.

(a)  

a good consumed with another.

(a)  

when two goods are consumed together.

(a)  

a line plotted on a graph that represents the relationship between the quantity supplied and the price of the product.

(a)  

the data from which a supply curve.

(a)  

direct payments made by governments to producers of goods and services.

(a)  

a tax levied on goods and services,such as a general sales tax.

(a)  

an increase in the quantity demanded or quantity supplied.

(a)  

a decrease in the quantity demanded or quantity supplied.

(a)  

a numerical measure of responsiveness of one variable following a change in another variable,ceteris paribus or other things is equal.

(a)  

where the relative change in the quantity demanded is greater than the change in price,income or the prices of substitutes and complements

(a)  

where the relative change in the quantity demanded is less than the change in price,income or the prices of substitutes and complements.

(a)  

measures of the responsiveness of the quantity demanded for a product following a change in the price of the product.

(a)  

when the relative change in the quantity demanded is greater than the change in price of the product.

(a)  

when the relative change in quantity demanded is less than the change in price of the product.

(a)  

where a change in price has no effect on the quantity demanded.

(a)  

where all that is produced is sold at  a given price.

(a)  

where the change in price is relatively the same as the change in quantity demanded.

(a)  

measures the responsiveness of the quantity demanded for a product following a change in income.

(a)  

a type of normal good with a YED that is close to zero.

(a)  

a good with a YED greater than 1.

(a)  

measures the responsiveness of the quantity demanded for one product following a change in price of another product.

(a)  

a numerical measure of the responsiveness of the quantity supplied to a change in the price of a product.

(a)  

the quantity supplied responds more than proportionately to a change in its price.

(a)  

the quantity supplied responds less than proportionately to a change in its price.

(a)  

a situation where there is no tendency to change in a market.

(a)  

a situation where demand and supply are not equal in a market.

(a)  

the price where demand and supply are equal,where the market clears.

(a)  

the amount that is traded at the equilibrium price.

(a)  

when there is a shift in the demand(supply)curve due to a change in factors other than the price of the product.

(a)  

a specific tax that is levied on goods such as cigarettes.

(a)  

a tax that is charged as a given percentage of the price.

(a)  

where the demand for a good or service depends upon the use that can be made from it.

(a)  

when two items are produced together.

(a)  

where a producer limits the supply of products in the market to ensure the products remain exclusive.

(a)  

where decisions taken by buyers or sellers are determined by price.

(a)  

the automatic way in which the market allows the wants of consumers to be made known to producers.

(a)  

where low or high prices influence consumption and production by encouraging buyers to consume and sellers to produce.

(a)  

the difference between the price a consumer is willing to pay for a product and its market price.

(a)  

the difference between the price a producer is willing to accept and what is actually paid.

(a)