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| Question | Answer |
| PED Price Elasticity of Demand | Is a measure of how much the quantity demanded of a product changes when there is a change in the price of the product. |
| ad valorem taxes | An indirect tax where a given percentage is added to the price of a good or service. |
| Demand | The willingness and ability for a consumer to purchase a quantity of a good/service at a certain price |
| Supply | The willingness and ability of a producers to produce a quantity of a good / service at a certain price. |
| Law of Demand | As the price of a product falls, the quantity demanded for that good will normally increase. |
| Law of Supply | As the price of a good rise, the quantity supplied will normally rise. (The supply curve usually slopes upwards, ceteris paribus.) |
| Elasticity | A measure of the responsiveness of how much something changes when there is a change in one of the factors that determines it. |
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