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Throck Eco Ch 7 Word Scramble

 
 

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Question Answer
What is demand?the amount of a good or service that consumers are able and willing to buy at various prices during a specified time
What is supply?the amount of goods or services that producers are able and willing to sell at various prices during a specified time
What is a market?the process of freely exchanging goods and services between buyers and sellers.
What is voluntary exchange?basis of a market eco: a transaction in which a buyer and a seller exercise thier economic freedom by workoung out thier own terms of exchange
What is the law of demand?economic rule stating that the quanity demanded andprice move in opposite directions
What is quantity demanded?the amount of a good that a consumer is willing and able to purchase at a specific price
What is the real income effect?economic rule stating that individuals cannot keep buying the same quanity of a product if its price rises while thier income stays the same
What is the substitution effect?economic rule stating that if two items satisfy the same need and the price of one rises, people will buy the other
What is utility?the ability of any good or service to satisfy comsumer wants
What is marginal utility?an additional amount of satisfaction you get from buying more of a product
What is the law of diminishing utility?rule stating that the additional satisfaction a consumer gets from purchasing one more unit of a product will lessen with each additional unit purchased
What is the demand schedule?table showing quantities demanded at different possible prices
What is the demand curve?downward sloping line that shows in graph form the quantities demanded at each possible price
What is a complementary good?A product that relates well with another product
What is elasticity?An idea dealing with a persons increase or decrease in the price of a product
What is price elasticity of demand?Dealing with how much demand for products varies according to the change in prices
What is elastic demand?the situation in which the rise or fall in prices greatly affects the amount that people are willing to buy
What is inelastic demand?situation in which a product's price change has little impact on the quantity demanded.