2024-09-21T04:11:03+03:00[Europe/Moscow] en true Consumer Goods/Services, Producer Goods/Services, Necessities, Luxuries, Supply, Demand, Elastic Demand, Inelastic Demand, Perfect Competition, Monopoly, Monopsony, Oligopoly, Oligopsony, Law of Diminishing Returns flashcards

Fundamental concepts and terms

3rd year engineering

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  • Consumer Goods/Services
    Products or services directly used by people to satisfy their wants.
  • Producer Goods/Services
    Goods used to produce consumer goods or other producer goods.
  • Necessities
    Products required to support human life, purchased in similar quantities despite price changes.
  • Luxuries
    Desired products purchased after necessities are obtained if money is available.
  • Supply
    The quantity of a product or service available to be sold.
  • Demand
    The quantity of a commodity bought at a certain price in a given place and time.
  • Elastic Demand
    When the quantity demanded is highly responsive to price changes.
  • Inelastic Demand
    When the quantity demanded is relatively unresponsive to price changes.
  • Perfect Competition
    Market structure with many vendors, none able to influence market prices.
  • Monopoly
    A market where a single vendor supplies a unique product and blocks new vendors.
  • Monopsony
    A market with a single buyer, who exerts control over prices and purchase quantities.
  • Oligopoly
    A market with few suppliers, where one’s actions affect others.
  • Oligopsony
    A market with few buyers who together influence price and quantity of goods.
  • Law of Diminishing Returns
    Economic principle that as more of one input is added, the incremental output will eventually decrease.