Economics

What is the amount of a good or service that a consumer is willing and able to buy at possible prices during a given time.

Supply Is the quantity of a good or service that producers are willing to offer at various prices in a given time.

Profit is the amount of money that remains after producers have paid off all of their costs.

Market Size is If a competitor is putting out a similar good at a low price often this forces like companies to do the same.

If a competitor is putting out a similar good at a low price often this forces like companies to do the same.

Elastic Demand- This occurs when a small change in the price of a good causes a major change in the quantity demanded.

Is the change in output generated by adding one more unit of input.

Shows the relationship between price and quantity demanded.

Meaning that people may buy something assuming that will be able to afford it in the future and vice versa.

Law of Diminishing Returns- The goal for a company is to find the correct amount of workers/machinery that makes their company the most productive.