Chapter 21 Word Scramble
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Term | Definition |
DEMAND | It refers to the desire, willingness, and ability to buy a good or service. |
DEMAND SCHEDULE | 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 | A graph that shows the amount of a product that would be bought at all possible prices in the market. |
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. |
MARKET DEMAND | The total demand of all consumers for their product or service. |
UTILITY | Meaning the pleasure, usefulness, or satisfaction we get from using the product. |
MARGINAL UTILITY | Additional satisfaction. |
SUBSTITUTE | Competing products. |
COMPLEMENT | Used together. |
DEMAND ELASTICITY | The extent to which a change in price causes a change in the quantity demanded. |
SUPPLY | The various 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 normaly offer more for sale at higher prices and less at lower prices. |
SUPPLY SCHEDULE | A numerical chart that illustrates the law of supply. |
SUPPLY CURVE | A graph that shows the amount of a product that would be supplied at all possible prices in the market. |
PROFIT | The money a business receives for its products or services over and above irs costs. |
MARKET SUPPLY | The total 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 | To the methods, or processes, used to make goods or services. |
SUBSIDY | A government payment to an individual, business, or other group for certain actions. |
SUPPLY ELASTICITY | A measure of how the quantity supplied of a good or service changes in response to changes in price. |
SURPLUS | The amount by which the quantity supplied is higher that the quatity demanded. |
SHOTAGE | The amount by which the quantity demanded is higher than the quantity supplied. |
EQUILIBRIUM PRICE | The point where they achieve balance. |
PRICE CEILING | A maximum price set by the government that can be charged for goods and services. |
PRICE FLOOR | A government minimum price that can be charged for goods and servives. |
MINIMUM WAGE | The lowest legal wage that can be paid to most workers, is a price floor. |
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