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Creating a particular mix of goods and services that society wants at the least possible price and in the most efficient way

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Producing a particular good in the least costly way

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Resource prices
Technology
Taxes and subsidies
Prices of other goods
Producer expectations
Number of sellers in the market

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The exact amount where whatever is produced will sell(Supply meets demand)

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the minimum fixed price made by the government. This is located above the Market Equilibrium where anything between the floor and the Equilibrium is a surplus of supply in the market

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This is the absolute highest price a price could go, opposite of a floor(ceiling is at the bottom), by having a ceiling there is a shortage.

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The kinds of products you would buy if you have a lower income, so cheaper products are the primary product you consume.

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Products in which the demand relies upon the consumer's income.
Ex: Luxury cars, mansions, etc.

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A good that can be used in place of another good
Ex: Varying brands of ice cream

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The movement from price-quantity to another. Another

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Changes in what is actually demanded(being the product), can shift the curve to either the left or the right. Left means that demand is decreasing, while to the right is increasing. To the right is that for more goods, consumers are willing to pay higher prices, and vice versa.

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Demand curves show us that if the slope is going downward people are buying more of a certain product as its price is decreasing and that is considered an inverse relationship.

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A good that corresponds with the transactions of another product
Ex: Computers and software

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Suggests that at a lower price, consumers have more incentive to buy in comparison to the similar products that are more expensive, so it is a "better deal"

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With products having lower prices, you are able to buy more , and higher priced goods make you able to buy less.

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When satisfaction decreases the more you buy or consume a certain product. For example if you buy 20 cookies, the first cookie will taste amazing, the second cookie will taste great, the third cookie will taste good, and so on. The taste and satisfaction of the cookie will be less and less every time.

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Consumer's Taste
Number of Buyers
Consumer's Income
Prices of Related goods
Consumer Expectations

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Various amounts of products consumers are willing and able to buy during a specified period of time.

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As prices go down, demand increases. When prices go up, demand decreases. This is a inverse relationship between the price and demand system.