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Economics Definitions

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Yuvansh
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Last updated: March 17, 2025
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First submittedMarch 17, 2025
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Term
Definition
Demand
Demand is the willingness and ability of consumers to pay a sum of money for a good or service at a given price and at a given point in time.
Supply
Supply is the willingness and ability of producers to offer a given quantity of a good for sale at a point in time and at a given price.
Market Equilibrium
Occurs where the quantity demanded is equal to the quantity supplied, therefore there is no tendency for the price or quantity to change.
Price Mechanism
Price mechanism is the system where prices are determined by demand and supply in competitive markets, resulting from the free interaction of buyers and sellers.
Signalling
Prices act as signals, communicating information to buyers and sellers.
Incentive
Prices give incentives, motivating decision makers to react to the information.
Rationing
Prices act as a method of apportioning commodities.
Price Elasticity of Demand (PED)
Price Elasticity of Demand is a measure of the responsiveness of the quantity of a good demanded to changes in its price.
Income Elasticity of Demand (YED)
Income Elasticity of Demand is a measure of the responsiveness of demand to changes in income.
Price Elasticity of Supply (PES)
Price Elasticity of Supply is a measure of the responsiveness of the quantity of a good supplied to changes in its price.
Price controls
Price controls refer to the setting of minimum or maximum prices by the government so that prices are unable to adjust to their equilibrium level determined by demand and supply.
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