Supply and demandIn microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, the unit price for a particular good or other traded item in a perfectly competitive market, will vary until it settles at the market-clearing price, where the quantity demanded equals the quantity supplied such that an economic equilibrium is achieved for price and quantity transacted.
PriceA price in economics is the amount of money that buyers are willing and able to pay for a particular good or service, and that sellers are willing to accept. In some situations, especially when the product is a service rather than a physical good, the price for the service may be called something else such as "rent" or "tuition". Prices are influenced by production costs, supply of the desired product, and demand for the product.
DemandIn economics, demand is the quantity of a good consumers are willing and able to purchase at various prices over a given period. In economics, "demand" for a commodity is not the same thing as "desire" for it. It refers to both the desire to purchase and the ability to pay for a commodity. Demand is always expressed in relation to a range of prices and a particular time period since demand is a flow concept. A flow is any variable expressed per unit of time.
Supply (economics)In economics, supply is the amount of a resource that firms, , labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or to an individual. Supply can be in produced goods, labour time, raw materials, or any other scarce or valuable object. Supply is often plotted graphically as a supply curve, with the price per unit on the vertical axis and quantity supplied as a function of price on the horizontal axis.
CostCost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing.
Service (economics)A service is an act or use for which a consumer, company, or government is willing to pay. Examples include work done by barbers, doctors, lawyers, accountants, mechanics, banks, finance, insurance companies, and so on. Public services are those that society (nation state, fiscal union or region) as a whole pays for, such as hospitals, elementary schools, or libraries. Using resources, skill, ingenuity, and experience, service providers give benefit to service consumers.
GoodsIn certain economic contexts, goods are anything that is good, usually in the sense that it provides welfare or utility to someone. Goods can be contrasted with bads, i.e. things that provide negative value for users, like chores or waste products. A bad lowers a consumer's overall welfare. Economics focuses on the study of economic goods, i.e. goods that are scarce; in other words, producing the good requires expending effort or resources.QuantityQuantity or amount is a property that includes numbers and quantifiable phenomena such as mass, time, distance, heat, angle, and information. Quantities can commonly be compared in terms of "more", "less", or "equal", or by assigning a numerical value multiple of a unit of measurement. Quantity is among the basic classes of things along with quality, substance, change, and relation.
PaymentA payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of a fine.MonopolyMarket structure with a single firm dominating the marketA monopoly (from Greekμόνος, mónos, 'single, alone' and πωλεῖν, pōleîn, 'to sell') is a market in which one person or company is the only supplier of a particular good or service.
Financial compensationFinancial compensation refers to the act of providing a person with money or other things of economic value in exchange for their goods, labor, or to provide for the costs of injuries that they have incurred. The aim of financial compensation is the preservation of relationships between those engaged in economic exchange.Ask priceAsk price (also called offer price, offer, selling price, asking price, or simply ask) is the price a seller is willing to accept. The seller may qualify the stated asking price as firm or negotiable. Firm means the seller is implying that the price is fixed and will not change. In bid and ask, the term ask price is used in contrast to the term bid price. The difference between the bid price and the ask price is called the spread.Party (law)A party is an individual or group of individuals that compose a single entity which can be identified as one for law purposes.
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