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chapter 21

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
        Help!  

Term
Definition
demand   the desire, willingness, and ability to buy a good or service  
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demand schedule   table showing quantities demanded at different possible prices  
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demand curve   downward- sloping line that graphically shows the qualities demanded at each possible price  
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market demand   the total demand of all consumers for a product or service  
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law of demand   the concept that people are normally willing to buy less of a product if the price is high and more of it if the price is low  
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utility   the amount of satisfaction one gets from a good or service  
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marginal utility   additional use that is derived from each unit acquired  
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substitute   a competing product that consumers can use in place of another  
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complement   product often used with another product  
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demand elasticity   measure of responsiveness relating change in quantity demanded to a change in price  
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supply   the amount of goods and services that producers are able and willing to sell at various prices during a specified time period  
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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 schedule   table showing quantities supplied at different possible prices  
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supply curve   upward sloping line that graphically shows that quantities supplied at each possible price  
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profit   the money a business receives for its products or services over and above its costs  
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market supply   the total of all the supply schedules of all the business that provide the same good or service  
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productivity   the degree to which resources are being used efficiently to produce goods or services  
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technology   the methods or processes used to make to make goods or services  
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subsidy   a government payment to an individual, business, or group in exchange for certain actions  
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supply elasticity   responsiveness of quantity supplied to a change in price  
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surplus   the amount of money by which quantity supplied is higher that the quantity demanded  
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shortage   the amount by which the quantity demanded if higher that the quantity supplied  
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equilibrium price   the point where the achieve balanced  
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price ceiling   the maximum price set by the government that can be charged for goods and services  
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price floor   governments 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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Created by: stephanieroel1
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