| A | B |
|---|
| Culture | a particular society at a particular time and place; the knowledge and values shared by a society. |
| Subculture | A social group within a national culture that has distinctive patterns of behavior and beliefs. |
| Ethnocentric | ”centered on a specific ethnic group |
| Social class | ”people having the same social |
| Nuclear family | a family consisting of parents and their children and grandparents of a marital partner. |
| Extended family | a family consisting of the nuclear family and their blood relatives. |
| Custom | ”practice or rule of conduct established in a particular community |
| Self-interest | personal advantage or interest. |
| Financial incentives | ”a monetary reward for a specific behavior |
| Non-financial incentives | a reward that does not include money. |
| Perverse incentives | an incentive that has an unintended and undesirable effect |
| Demand | desire for certain good or service supported by the capacity to purchase it. |
| Law of demand | ”observation that |
| Supply | total amount of a product (good or service) available for purchase at any specified price. |
| Law of supply | if demand is held constant |
| Law of supply and demand | ”economic proposition that |
| Buyer's market | a market that has more sellers than buyers; low prices result from this excess of supply over demand; also called soft market; opposite of seller's market. |
| Seller's market | a market that has more buyers than sellers; high prices result from this excess of demand over supply. |
| Elasticity | degree to which supply or demand for a product or service will change as a result of a change in price. |
| Elastic demand | ”responsiveness of buyers to changes in price |
| Inelastic demand | ”desire for a product or service that does not vary with increases or decreases in price. Products that are daily necessities |
| Price | ”Cost |
| Relative prices | the price of one good or service relative to other goods or services |
| Substitution effect | in economics |
| Rationing | method for limiting the purchase or usage of an item when the quantity demanded of the item exceeds the quantity available at a specific price. |
| Equilibrium price | price when the supply of goods in a particular market matches demand. |
| Excess supply | ”disequilibrium condition in a competitive market in which the quantity supplied is greater than the quantity demanded |
| Excess demand | ”disequilibrium condition in a competitive market in which the quantity demanded is greater than the quantity supplied |
| Market price | ”A security's last reported sale price (if on an exchange) or its current bid and ask prices (if Over-the-Counter); i.e. the price as determined dynamically by buyers and sellers in an open market; also called market value.” |
