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Supply
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The amount of goods available at a certain time and price
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Demand
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Willingness and ability to buy products
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Subsidy
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producers offer more of a good as its price increases and less as its price falls
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price ceiling
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A legal maximum on the price at which a good can be sold
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Price Floor
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A legal minimum on the price at which a good can be sold
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Complementary Goods
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Goods that are commonly used with and bought alongside other goods
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Substitute Goods
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Products or services that can be used in place of each other.
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Elasticity of Demand
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a measure of how consumers react to a change in price
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Equilibrium price
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the price that balances quantity supplied and quantity demanded
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Shortage
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A situation in which quantity demanded is greater than quantity supplied
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Surplus
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A situation in which quantity supplied is greater than quantity demanded
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Sticky Price
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A price that is slow to adjust to its equilibrium level, creating sustained periods of shortage or surplus.
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Cost
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what you must give up to get something
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benefit
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to gain or receive good results from something
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