# data[].attributes.body
The equilibrium price is where the supply of goods matches demand.

# data[].attributes.body
The equilibrium price is where the supply of goods matches demand.

# data[].attributes.body
In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.

# data[].attributes.body
A surplus is used to describe many excess assets including income, profits, capital and goods.

# data[].attributes.body
Price elasticity of supply (PES or E s) is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.

# data[].attributes.body
A supply schedule is a table that shows the relationship between the price of a good and the quantity supplied.

# data[].attributes.body
A political and economic theory of social organization that advocates that the means of production , distribution, and exchange should be owned or regulated by the community as a whole.

# data[].attributes.body
a graph showing how the demand for a commodity or service varies with changes in its price.

# data[].attributes.body
a commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

# data[].attributes.body
Complementary good or complement is a good with a negative cross elasticity of demand, in contrast to a substitute good.

# data[].attributes.body
by the means of which countries and governments distribute resources and trade goods and services.

# data[].attributes.body
is equal to the total cost divide by the number of goods produced.

# data[].attributes.body
The loss of potential gain from other alternatives  when one alternative is chosen

# data[].attributes.body
the total receipts of a firm from a sale of given quantities of a product or service.

# data[].attributes.body
an economic system containing  both private and public enterprises

# data[].attributes.body
a balance achieved between two desirable but incompatible features; a compromise.

# data[].attributes.body
is simultaneously equal to both the quantity demanded and quantity supplied.

# data[].attributes.body
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).

# data[].attributes.body
an economic theory that assumes a change in price will cause an equal proportional change in quantity demanded.

# data[].attributes.body
Responsiveness of producers to changes in the price of their goods or services.

# data[].attributes.body
graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply.

# data[].attributes.body
there is a direct relationship between price and quantity: quantities respond in the same direction as price changes.

# data[].attributes.body
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.

# data[].attributes.body
a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price.

# data[].attributes.body
Substitute goods are goods which, as a result of changed conditions, may replace each other in use (or consumption).

# data[].attributes.body
The demand schedule, in economics, is a table of the quantity demanded of a good at different price levels.

# data[].attributes.body
a law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.

# data[].attributes.body
A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.

# data[].attributes.body
where money goes and what it is exchanged for in a market economy.

# data[].attributes.body
"an item that yields positive benefits to people" that is excludable

# data[].attributes.body
the total economic cost of production and is made up of variable costs, which vary according to the quantity of a good produced and include inputs such as labor and raw materials.

# data[].attributes.body
a thing that motivates or encourages one to do something.

# data[].attributes.body
the smoothness or equality with which income is dealt out among members of a society.

# data[].attributes.body
an economic system in which private business operates in competition and largely free of state control.

# data[].attributes.body
the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

# data[].attributes.body
Economics is "a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services". Economics focuses on the behavior and interactions of economic agents and how economies work. - Late 1900's

# data[].attributes.body
Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.