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ECON 100
VOCAB
7
Economics
Undergraduate 1
08/26/2012
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Term
supply and demand
 Definition
The name of the most improtsnat model in all of economics.
Term

price

 

 Definition
The amount of money that must be paid for a unit of output.
Term
output
 Definition
The good or service produced for sale.
Term
market
 Definition
Any mechanism by which buyers and sellers negotiate an exchange.
Term
consumers 
 Definition
People in a market who want to exhange money for goods or services for money.
Term
producers
 Definition
People in a market who want to exhange goods or services for money.
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