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the degree to which a demand or supply is sensitive to changes in price or income.

Citlalic Torres

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the amount of money expected, required, or given in payment for something.

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States that all factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vise versa
Example: a consumer will purchase more pizzas if the price of the pizza falls. The opposite is true if the price of the pizza rises

-Patience Phelps

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A sum of money granyed by the government of a public body to assist and industry of business so that the price of commodity or service may remain low or competitive
Michelle's organization was running a deficit, so when the new financial year began, they accepted a government subsidy in order to lower their cost
zamaya strickland

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government- or group- imposed price control or limit on how low a price can be changed for a product.

The government used price supports to maintain the price floor.

Brittany Dumas

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Inelastic is an economic term used to describe the situation in which the quantity demanded or supplied of a good or service is unaffected when the price of that good or service changes.

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any change in price can result in changes in supply and demand
- if a demand for a product is price elastic, a supplier stands to gain extra revenue if they reduce the prices
Malaysia Turner

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-A change in price will cause an equal proportional change in quantity demand.
-For example, if Sandy raises the price of her famous oatmeal raisin cookies by $1.00, the unit elastic demand for that $1.00 increase would result in a decrease in the quantity demanded by one unit.
-Ariel Brown

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market equilibrium is the market state where the supply in market is equal to the demand in the market.

oscar duarte

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- A person or thing acting or serving in another place.
Example:  There were multiple substitutes in the game because the coach could see that his players were exhausted.

Jason Ruiz

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In economics, a shortage or excess demand is a situation in which the demand for a product or service exceeds its supply in a market. It is the opposite of an excess supply (surplus).example: The farmer's Market had a shortage of planting equipment.
Tahirah Geter

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The benefit gained from consuming one additional unit of a good or service
-Bradley Post

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When the government control on how high a product can cost.
-Edgar Gomez

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Used to describe many excess assets including income, profit,capital and goods
Sentence:The surplus for the year amounted to $65,000,000.00
Anhiya Dukes

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The change in a demand  of a good or service brought on by change in consumers income.

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Is the in an individual's or economy's income and shows how that change impacts the quantify demanded of a good or service.

- Example
when an individual's income increases, that person demands more goods and services, thus increasing consumption, all things equal.

Edwin Romero

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Microeconomics focuses in a given section of the economy.
Example: monopoly,cost of production, and theory of production     -Luis Oxlaj

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Demand is a popular want for a certain good.
The demand for school supplies had risen within the last month.
MEAGAN MARTIN

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- Firms are only able to influence prices through adjustments made to production levels.

- Example: Mining and energy giants have been hit especially hard by the fall in iron ore, coal, copper and other commodity prices, underscoring their high fixed costs in the short run

Queze Boykin

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- In the fouth quarter, sales growth outpaced the increase in variable cost.
- Example: Raw materials, energy usage, labor, and distribution costs.
TAYLOR COX

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Texas may experience scarcity in fuel due to the recent hurricane.

Example: The gasoline shortage in the 1970's.