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2014 Ch. 5 Econ NHS

2014 Ch. 5 Economics Napoleon High School

TermDefinition
market failure a flaw in the price system that occurs when some costs have not been accounted for and not properly distrubted
externality an effect an economic activity has on people and businesses that are neither producers nor consumers of the good or service being produced.
public good any good or service that is consumed by all members of a group, regardless of who has helped pay for it
market equilibrium the point at which the quantity demanded and the quantity supplied for a product are equal at the same price
surplus a situation in which the quantity supplied of an item at a given price exceeds the quantity demanded
shortage a situation in which the quantity demanded of a good or resource exceeds the quantity supplied.
price ceiling a government regulation that sets a maximum price for a particular good.
price floor a government regulation that sets a minimum price for a particular good.
minimum wage the lowest hourly wage rate that an employer legally can pay a worker, as established by federal law.
rationing a system by which a government or other institution decides how to distribute a good or service.
black market buying or selling of goods in violation of the law, typically at a higher price than has been officially established.
demand the amount of good or service that consumers are willing and able to buy at various prices during a given period
quantity demand the amount of a good or service that consumers are willing and able to purchase at a particular price.
law of demand the principle that, all other factors being equal, consumers will purchase more of good at a lower prices and less of a good at higher prices.
purchasing power the amount of income that people have available to spend on goods and services.
income effect the effect that a change in an item's price has on consumers ability to purchase goods.
substitution effect consumers' tendency to substitute a lower-price good for a similar, higher-priced one.
diminishing marginal utility the natural decreases in the utility of a good or service as more units are consumed.
demand schedule a table that shows the level of demand for a particular item at various items.
demand curve a graphic representation of a demand schedule, showing the relationship between the price of an item and the quantity demanded
determinant of demand a non-price factor that influences the amount demand for a good or service.
substitute good a product that purchasers use in place of another product, particularly if the price of the other product rises.
complementary good a good that is commonly used with another good for which demand increases when the demand for the related good increases.
elasticity of demand the situation that exists when quantity demanded changes greatly in response to a change in price.
inelastic demand the situation that exists when quantity demanded changes only slightly or not at all in response to a change in price
total revenue a business's total income.
supply the amount of a good or service that producers are willing to sell at various possible prices during a given period.
quantity supplied the amount of a good or service that consumers are willing and able to purchase at a particular price.
law of supply the principle that producers will supply more of a product or service at higher prices but less of a product or service at lower prices.
profit the difference between the revenue received from the sale of a good or service and the costs of providing the the goods or service.
cost of production the total cost of materials, labors, and other inputs required in the manufacturer of a product.
supply schedule a table that lists each quantity of a product that producers are willing to supply at various prices.
supply curve a graphic representation of a supply schedule.
marginal cost the cost of producing one additional unit of output.
elastic supply the situation that exists when quantity supplied changes greatly in response to a change in price.
inelastic supply the situation that exists when quantity supplied changes only slight or not at all in response to a change in price.
determinant of supply a nonprice factor that influences the available supply of a good or service.
tax a required payment to local, state, or national government.
subsidy a payment made by a government to individuals, businesses, or an industry to encourage certain activities that are considered essential or desirable.
regulation a rule that a government established and enforces to protect the public or provide equal access to specific goods and services.
total product all the goods and services produced by a business during a given period of time with a given amount of input.
marginal product the additional output obtained by employing one more unit of input.
law of diminishing returns the principle that as more of one input is added to a fixed supply of other resources, productivity will increase up to a point, after which the marginal product will diminish.
fixed cost a cost of doing business that remains constant as production increases or decreases.
depreciation a decrease in the value of a capital good because of its age,use, or deterioration.
variable cost a cost of doing business that changes directly with a change in the level of output, typically rising and dropping as production increases and decreases.
total cost the sum of the fixed and variable costs involved in the production of a good or service.
Created by: Candy.mcdevitt
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