| Question |
Answer |
| law of supply |
economic rule stating that price and quantity supplied move in the same direction |
| quantity supplied |
the amount of a good or service taht a producer is willing and able to supply at a specific price |
| supply schedule |
table showing quantities supplied at different possible prices |
| supply curve |
upward-sloping line that shows in graph form the quantities suppliedd at each possible price |
| technology |
any use of land,labor,and capital that produces goods and services more efficiently |
| law of diminishing returns |
economic rule that says as more units of a factor of production(such as labor)are added to other factors of production (such as equipment),after some point total output continues to increase but at a diminishing rate |
| equilibrium price |
the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy |
| shortage |
situation in which the quantity demanded is greater than the quantity supplied at the current price |
| surplus |
situation in which quantity supplied is greater than quantity demanded at the current price |
| price celling |
a legal maximum price that may be charged for a particular good or service |
| rationing |
the distribution of goods and services based on something other than price |
| black market |
"underground" or illegal market in which goods are traded at prices above their legal maximum prices or in which illegal goods are sold |
| price floor |
a legal minimum price below which a good or service may not be sold |
Science Vocab 147928
