LAP EC 11 It's The Law

Question 1

Usefulness; capable of satisfying wants and needs

Accepted Answer

utility

Question 2

Products that are used together, skirts and blouses, ski boots and skis, software and computers

Accepted Answer

complimentary goods

Question 3

Total amount of money spent on costs of materials, labor, taxes, to manufacture goods /services

Accepted Answer

cost of production

Question 4

The best time for consumers to buy; characterized by large supply,small demand, and low prices

Accepted Answer

buyer's market

Question 5

Cash and credit a consumer has available to spend

Accepted Answer

consumer buying power

Question 6

The general conditions in which people live; quality of life

Accepted Answer

standard of living

Question 7

An indication of how changes in price will affect changes in the amounts demanded and supplied

Accepted Answer

elasticity

Question 8

The point at which the quantity supplied is equal to the quantity demanded

Accepted Answer

equilibrium

Question 9

A form of demand for products in which changes in price correspond to changes in demand

Accepted Answer

elastic demand

Question 10

Items that can be used in place of others;items that satisfy the same needs/wants;similar goods

Accepted Answer

substitute goods

Question 11

The principle states:supply of good/service increases when demand is great & decreases when low

Accepted Answer

law of supply and demand

Question 12

A form of demand in which changes in price do not affect demand

Accepted Answer

inelastic demand

Question 13

principle stating: quantity of a good/service will be offered for sale varies directly to price

Accepted Answer

law of supply

Question 14

Quantity of a good/service that buyers are ready to buy at a given price at a particular time

Accepted Answer

demand

Question 15

Quantity of good/service that sellers are able&willing to offer for sale at a specified price

Accepted Answer

supply

Question 16

principle stating the quantity of good/service that people buy varies inversely with the price

Accepted Answer

law of demand

Question 17

The best time for producers to sell;characterized by large demand, smallsupply, and high prices

Accepted Answer

seller's market

Questions 17