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Chapter 21

TermDefinition
demand the desire or willingness and ability to buy a good or service
demand schedule a table that lists the various quantities of a product or service that someone is willing to buy over a range of prices
law of demand quantity demanded and price move in opposite direction
market demand the total demand of all consumers for their product or service
utility meaning of pleasure, usefullness, or satisfaction we get from using a product
marginal utility additional satisfaction from each extra unit
substitute competing products
complement products used together
demand elasticity the extent to which a change in price causes a change in the quantity demanded
supply the various quntities of a good or service that producers are willing to sell at all possible market prices
law of supply as the price rises for a good, the quantity supplied rises. As the price falls the quantity supplied also falls
supply schedule a numerical chart that illustrates law of supply
supply curve a graph that shows the amount of a product that woul dbe supplied at all possbile prices of a market
profit the money a business receives for its products and services over and above its costs
market supply the supply of all the businesses that produce the same good or service over and above its costs
productivity the degreee to which resources are being used efficiently to produce goods and services
technology the methods or processes used to make goods and services
subsidy a government payment to an individual business or group in exchange for a certain action
supply elasticity responsivness of quantity supplied to a change in price
demand curve a graph that shows the amount of a product that would be bought at all possible prices in the market
Surplus situation in which quantity supplied is greater than quantity demanded
shortage situation in which quantity demanded is greater than quantity supplied
equilibrium price the price at which the amount producers are whiling to supply is equal to the amount consumers are whiling to buy
price ceiling maximum price that can be charged for goods and services, set by the government
price floor minimum price that can be charged for goods and services, set by the government
minimum wage lowest legal wage that can be paid to the most U.S. workers
Created by: sierraellis
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