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civics chapter 21

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Question
Answer
demand   the desire, willingness,and ability to buy a good or service  
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demand schedule   is a table that lists the various quantities of a product or service that someone is willing to buy over a range of prices.  
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demand curve   is a graph that shows the amount of a product that would be bought at all possible prices in the market.  
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law of demand   quantity demanded and price move in opposite directions.  
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market demand   the total demand of all consumers for their product or service  
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utility   the pleasure, usefulness, or satisfaction we get from using the product.  
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marginal utility   additional satisfaction from each additional slice that you eat.  
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substitute   competing products  
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complement   they are used together  
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demand elasticity   the extent to which a change in price causes a change in the quantity demanded  
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supply   refers to the varaious quantities of a good or service that producers are willing to sell at all possible market prices  
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law of supply   the principle that suppliers will normally offer more for sale at higher prices and less at lower prices.  
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supply curve   is a graph that shows the amount of a product that would be supplied at all possible prices in the market.  
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profit   the money a buisness receives for its products or services over and above its costs.  
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market supply   the toal of all the supply schedules of all the businesses that provide the same good or service  
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productivity   the degree to which resources are being used efficiently to produce goods and services  
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technology   refers to the methods, or processes, used to make goods and services  
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subsidy   is a government payment to an individual, business, or other group for certain actions  
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supply elasticity   is a measure of how the quantity supplied of a good or service changes in response to changes in price.  
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surplus   is the amount by which the quantity supplied is higher than the quantity demanded.  
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shortage   the amount by which the quantity demanded is higher than the quantity supplied  
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equilibrium price   the point where they achieve balance  
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price ceiling   is a maximum price set by the government that can be charged for goods and services.  
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price floor   is a government minimum price that can be charged for goods and services  
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minimum wage   the lowest legal wage that can be paid to most workers  
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supply schedule   a numerical chart that illustrates the law of supply  
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