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Definition
| Consumers determine the demand of a product |
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Definition
| How much of a good or service a producer is willing and able to produce at different prices |
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Definition
| An individual's need or desire for a good or service at a given price. |
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Definition
| The amount at which a good or service will be sold in a market. |
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Definition
| A contest for some prizes, honor, or advantage. |
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Definition
| Visual representation of supply and demand |
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Definition
| The point at which the supply and demand curves meet. |
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Definition
| The hope of making a profit |
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Term
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Definition
| As the price of a particular good or service increases, the supply for that item will also be increased and vice-versa |
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Term
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Definition
| As prices fall for a particular good or service, the demand for that item will increase and vise-versa |
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Term
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Definition
| Includes the customers and locations that a business wants to serve. |
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