What economic term refers to the quantity of good that the seller is willing to offer for sale?
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What economic term refers to the quantity of goods?Supply is one of the fundamental concepts that affect the economy. It refers to the total amount of a product or service a supplier offers to consumers.
What economic term refers to the willingness of the consumer to buy a commodity at a given price?Understanding Demand. There are two factors involved in economic demand. First, it is based on the willingness of consumers to buy a commodity. It can be described as consumer preference and taste. Second, demand is also determined by the consumers' ability to buy the product or service at a certain price.
What term do economists use to describe how much of a good is offered for sale at a specific price?Economists use the term quantity supplied to describe how much of a good is offered for sale at a specific price. The promise of increased revenues when prices are high encourages firms to produce more. Rising prices draw new firms into a market and add to the quantity supplied of a good.
What is the amount of a good that is available for sale called?The cost of goods available for sale equals the beginning value of inventory plus the cost of goods purchased. The cost of goods sold equals the cost of goods available for sale less the ending value of inventory.
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