Chap. 21
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Demand | The desire, willingness, and ability to buy a good or service
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| Demand Schedule | A table to showing quantities demanded at different possible prices
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| Demand Curve | A downward-sloping line that graphically shows the quantities demanded at each possible price
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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 less
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| Market Demand | The total demand of all consumers for a product or service
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| Utility | The amount of sanctification one gets from a good or service
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| Marginal Utility | An 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 | A product often used with another product
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| Demand Elasticity | A 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 specific 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 | A table showing quantities supplied at different possible prices
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| Supply Curve | An upward-sloping line that graphically shows the 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 businesses that provide the same good or service
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| Productivity | The degree in which resources are being used efficiently to produce goods and services
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| Technology | The methods or processes used to make goods and services
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| Subsidy | A government payment to an individual businesses, 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 | Situation in which quantity supplied is greater than quantity demanded
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| Shortage | Situation in which quantity demanded in greater than quantity supplied
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| Equilibrium Price | The price at which the amount of producers are willing to supply to the amount customers are willing to buy
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| Price Ceiling | The maximum price that can be charged for goods and services, set by the government
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| Price Floor | The minimum price that can be charged for goods and services, set by the government
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| Minimum Wage | The lowest legal wage that can be paid to most U.S. workers
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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