Essential Business and Economic Terminology
Classified in Economy
Written on in
English with a size of 3.21 KB
Market Fundamentals
Price: the amount of money required to buy something.
Sale: an exchange of money for goods.
Consumer: a person who makes a purchase.
Spending: the act of using money for purchases.
Trend: a general course of action that repeats.
Elasticity: the effect of a change in one variable on another.
Supply: to provide something.
Determine: to have an effect on an outcome.
Supply and Demand Dynamics
Supply: The available amount of steel is low this year.
Quantity: What amount did the factory produce?
Goods: These products for sale are too expensive.
Surplus: Low sales created an extra amount of wheat.
Downturn: Many jobs were lost during the decrease in economic activity.
Demand: The amount wanted by customers for coats increases in the winter.