civics chapter 21 Word Scramble
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Question | Answer |
demand | the desire, willingness,and ability to buy a good or service |
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. |
demand curve | is a graph that shows the amount of a product that would be bought at all possible prices in the market. |
law of demand | quantity demanded and price move in opposite directions. |
market demand | the total demand of all consumers for their product or service |
utility | the pleasure, usefulness, or satisfaction we get from using the product. |
marginal utility | additional satisfaction from each additional slice that you eat. |
substitute | competing products |
complement | they are used together |
demand elasticity | the extent to which a change in price causes a change in the quantity demanded |
supply | refers to the varaious quantities of a good or service that producers are willing to sell at all possible market prices |
law of supply | the principle that suppliers will normally offer more for sale at higher prices and less at lower prices. |
supply curve | is a graph that shows the amount of a product that would be supplied at all possible prices in the market. |
profit | the money a buisness receives for its products or services over and above its costs. |
market supply | the toal of all the supply schedules of all the businesses that provide the same good or service |
productivity | the degree to which resources are being used efficiently to produce goods and services |
technology | refers to the methods, or processes, used to make goods and services |
subsidy | is a government payment to an individual, business, or other group for certain actions |
supply elasticity | is a measure of how the quantity supplied of a good or service changes in response to changes in price. |
surplus | is the amount by which the quantity supplied is higher than the quantity demanded. |
shortage | the amount by which the quantity demanded is higher than the quantity supplied |
equilibrium price | the point where they achieve balance |
price ceiling | is a maximum price set by the government that can be charged for goods and services. |
price floor | is a government minimum price that can be charged for goods and services |
minimum wage | the lowest legal wage that can be paid to most workers |
supply schedule | a numerical chart that illustrates the law of supply |
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