1.

Consumer goods or services - in economics, any tangible commodity produced and

subsequently purchased to satisfy the current wants and perceived needs of the buyer.
2. Producer goods or services - in economics, goods manufactured and used in further
manufacturing, processing, or resale.
3. Price of a product or service - the amount of money that has to be paid to acquire a
given product. Insofar as the amount people are prepared to pay for a product represents
its value, price is also a measure of value.
4. Commodity - a commodity is a marketable item produced to satisfy wants or needs.
Often the item is fungible.
5. Utility - an economic term introduced by Daniel Bernoulli referring to the total
satisfaction received from consuming a good or service.
6. Market - a medium that allows buyers and sellers of a specific good or service to interact
in order to facilitate an exchange.
7. Demand - an economic principle that describes a consumer's desire and willingness to
pay a price for a specific good or service.
8. Law of Demand - a microeconomic law that states, all other factors being equal, as the
price of a good or service increases, consumer demand for the good or service will
decrease, and vice versa.
9. Supply - the amount of a product per unit of time that producers are willing to sell at
various given prices

10. Law of Supply - is the microeconomic law that states that, all other factors being equal,
as the price of a good or service increases, the quantity of goods or services that suppliers
offer will increase, and vice versa.

11. Law of Supply and Demand - The law of supply and demand is the theory explaining
the interaction between the supply of a resource and the demand for that resource.
Generally, a low supply and a high demand increases price, and in contrast, the greater
the supply and the lower the demand, the lower the price tends to fall.

12. Necessities - Good or service (such as food, water, medical attention) whose
consumption is essential to human survival, or which is considered indispensable for
maintaining a certain minimum standard-of-living.
13. Luxuries - a good for which demand increases more than proportionally as income rises,
and is a contrast to a "necessity good", for which demand increases proportionally less
than income.
14. Law of Diminishing Return - economic law stating that if one input in the production of
a commodity is increased while all other inputs are held fixed, a point will eventually be
reached at which additions of the input yield progressively smaller, or diminishing,
increases in output.

15. Investment Cost or First Cost -