Markets & Conditions
A market where buyers have the advantage because there’s more supply than demand.
Buyer's Market
When demand changes a lot in response to a change in price, this type of demand exists.
Elastic Demand
Products that are easy to find and purchase regularly.
Convenience Products
A product or service that satisfies a desire but isn’t essential and doesn’t require money.
Noneconomic Want
Something you can touch or perceive with the senses.
Tangible
A market where sellers can charge higher prices because demand exceeds supply.
Seller's Market
When demand changes very little even if prices change, this type of demand exists.
Inelastic Demand
Products that are usually expensive and purchased occasionally.
Shopping Products
A product or service that is required or very important.
Economic Need
The ability to move a product from one person or place to another.
Transferability
This occurs when the quantity demanded equals the quantity supplied at a specific price.
Equilibrium
This theory explains how prices rise and fall depending on two factors.
Unique products that consumers spend a lot of time searching for.
Specialty Products
A desire for products or services that must be purchased with money.
Economic Want
The person who actually uses or consumes the product.
Ultimate Consumer or End User
When there isn’t enough of a product to meet demand, this situation occurs.
Shortage
A measure of how sensitive demand or supply is to changes in economic factors.
Elasticity
Products people don’t usually plan to buy or think about needing.
Unsought Products
The usefulness of a product or service in satisfying a need or want.
Economic Utility
Items that are valuable to consumers but cannot be physically touched.
Intangible Goods or Services
When there is more of a product than consumers want to buy, it creates this.
Surplus
Rivalry between companies selling similar products to attract customers.
Competition
An item that has utility, is tangible, scarce, and transferable.
Economic Good
An intangible product that has utility, is scarce, and transferable.
Economic service
An example of a product that is both rare and highly sought after by a specific group.
Specialty Product