https://padlet.com/janicej001/o9dfty0gf5d36717 Glossary padlet en-us 2021-10-07 13:20:45 UTC 2021-10-07 13:44:05 UTC hello@padlet.com janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799759239 A person who buys goods and/or services. Also known as a customer. ]]> 2021-10-07 13:25:16 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799759239 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799763014 Individuals or businesses that make a product.]]> 2021-10-07 13:26:21 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799763014 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799765382 A good that can easily be replaced with another. Example: Tea and coffee.]]> 2021-10-07 13:27:00 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799765382 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799767154 Goods that are often used together. Example: Peanut butter and jam.]]> 2021-10-07 13:27:28 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799767154 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799773147 A social science whose goal is to distribute resources among alternative uses.]]> 2021-10-07 13:29:09 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799773147 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799775611 The number of consumers willing to buy at a specified price.]]> 2021-10-07 13:29:48 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799775611 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799778549 The number of products or services available for sale or the amount that sellers are willing to sell at a specific price.]]> 2021-10-07 13:30:35 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799778549 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799781180 The price at which the quantity supplied and demanded are equal.]]> 2021-10-07 13:31:19 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799781180 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799786544 A price above the equilibrium, one that encourages sellers while discouraging buyers.]]> 2021-10-07 13:32:47 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799786544 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799788570 A price below the equilibrium, one that satisfies buyers but discourages sellers.]]> 2021-10-07 13:33:18 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799788570 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799792178 The rivalry between two or more businesses that produce similar goods or services. Example: Nike and Adidas.]]> 2021-10-07 13:34:17 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799792178 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799794793 Competing with other businesses that sell substitute goods. Example: Butter and margarine.]]> 2021-10-07 13:34:58 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799794793 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799798505 An economic system where the economic resources are privately owned and decisions are made freely by individual owners.]]> 2021-10-07 13:35:58 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799798505 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799800921 An illegal practice where competing companies decide to settle on the same price and limit competition.]]> 2021-10-07 13:36:34 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799800921 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799804824 When companies draw consumers with one thing and mislead them when they get there. Example: A business says a product is on sale but claims they're sold out when customers arrive, then offers a similar product for the original or higher price.]]> 2021-10-07 13:37:38 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799804824 janicej001 https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799829057 The practice of charging very low prices in order to avoid competition.]]> 2021-10-07 13:44:05 UTC https://padlet.com/janicej001/o9dfty0gf5d36717/wish/1799829057