SEM Chapter 8 Vocab Review

when the price goes up, the supply produced goes up; when the price goes down, the supply produced goes down

occurs when there is a limited amount of resources needed to produce and distribute goods and services

occurs when related businesses conspire to charge high prices

occurs when prices for goods and services rise faster than consumer income

distinct categories of merchandise based on price, quality, and features

all of the costs associated with running a business in addition to the cost of the merchandise

when the price goes up, demand goes down; when the price goes down, demand goes up

when a product that is advertised at a low price is out of stock, and salesperson tries to sell something more expensive

refers to the ups and downs of the economy; also known as the economic cycle

the point at which the supply and demand curves intersect

when an individual, group, or business is charged a higher price than others purchasing the same product or service

a period of moderate demand

involves reducing the price of a product below the store's cost to create more customer traffic

the amount that is added to the cost of a product or service to cover operating expenses and to allow for a profit