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Complement
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Pairs of goods for which a fall in price of one good results in a greater demand for the other good
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Economic rent
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The value a producer or supplier receives over and above what would normally be received for a good or service
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Industry demand for labor
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The total demand for any type of labor. The sum of all individual demand curves for some type of labor
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Input demand
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The demand for labor, capital and natural resources
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Market demand for an input
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The total demand for any input in the production process
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Market equilibrium
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Where the price of a good or service has settled at a point where quantity demanded equals quantity supplied
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Market supply of an input
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The total supply of any input in the production process
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Substitute
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A good that consumers can opt to buy if some other good increases in price and vice versa (sausage and bacon)
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Technology
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The knowledge of how to produce some good
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