A pair of goods where the quantity demand of one is unaffected by changes in the price of the other.

A physical or economic condition where the quantity available of a resource exceeds the quantity desired in the absence of a rationing system.

Different bundles of goods and services that are attainable to the consumer at given market prices and the consumer's fixed level of income.

The process of consumers bidding prices upwards or producers cutting prices in order to allow those agents to be involved in a market trade.

A pair of goods where the quantity demanded of one increases when the price of a related good decreases.

The ability of a consumer to fully identify his/her preference for any combination or bundle of goods and services.

A long run production concept where a doubling of all factor inputs exactly doubles the amount of output.

An economic agent that desires to purchase goods and services with the goal of maximizing the satisfaction from consumption of those goods and services.

Identification of an attainable bundle of goods that maximizes a consumer's level of satisfaction given his/her level of income and market prices.

The difference between what a consumer is willing to pay for each unit of a commodity consumed and the price actually paid.