POB OBJ 5.01 E Vocab

Front

Buyer’s market

Back

Best time for consumers to buy; large supply, small demand, low prices.

Front

Elastic demand

Back

Demand where price changes affect quantity demanded.

Front

Elasticity

Back

Indicates how price changes affect demand and supply.

Front

Equilibrium

Back

The point where quantity supplied equals quantity demanded.

Front

Equilibrium price

Back

The point where the quantity buyers want equals the quantity sellers are willing to sell at a certain price.

Front

Inelastic demand

Back

A form of demand where price changes do not affect demand.

Front

Law of demand

Back

Quantity demanded varies inversely with price.

Front

Law of supply

Back

Economic principle stating that the quantity of a good or service offered for sale varies directly with its price.

Front

Law of supply and demand

Back

Economic principle: supply increases with high demand and decreases with low demand.

Front

Seller’s market

Back

Best time for producers to sell; high demand, low supply, high prices.