Glossary Terms:

Mad Cattlemen Sue Oprah

Glossary terms from:
http://www.econedlink.org/e15


Choice

Decision made or course of action taken when faced with a set of alternatives.

Commodities Market

The market for the purchase and sale of commodity (a basic product, usually, but not always, agricultural or mineral) futures, contracts for the sale and delivery of commodities at some future time.

Consumers

People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.

Demand

The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.

Determinants of Supply

Factors other than the price of a good or service that change (shift) the supply schedule, causing producers to supply more or less at every price. Factors include number of producers, production costs, and technology and productivity.

Equilibrium Price

The price at which the quantity demanded by buyers equals the quantity supplied by sellers; also called the market-clearing price.

Exchange

Trading a good or service for another good or service, or for money.

Markets

Places, institutions or technological arrangements where or by means of which goods or services are exchanged. Also, the set of all sale and purchase transactions that affect the price of some good or service.

Price

The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.

Producers

People and firms that use resources to make goods and services.

Production

A process of manufacturing, growing, designing, or otherwise using productive resources to create goods or services used to to satisfy a want.

Risk

The chance of losing money.

Supply

The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time.

Work

Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.