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chapter 21
Term | Definition |
---|---|
demand | the desire,willingness,and ability to buy a good or service |
demand schedule | table showing quantities demanded at different possible prices |
demand curve | downward-sloping line that graphically shows the quantities demanded at each possible price |
law of demand | the concept that people are normally willingly to buy less of product if there product if the price is high and more of it if the price is low |
market demand | the total demand of all consumers for a product or service |
utility | the amount of satisfaction one gets from a good or service |
marginal utility | additional use that is derived from each unit acquired |
substitute | a competing product that consumers can use in place of another |
complement | product often used with another product |
demand elasticity | measure of responsiveness relating change in quantity demanded to a change in price |
supply | the amount of goods or services that producers are able and willing to sell at various prices during a specified time period |
law of supply | the principle that suppliers will normally offer more for sale at higher prices and less at lower prices |
supply schedule | table showing quantities supplied at different possible prices |
supply curve | upward-sloping line that graphically shows the quantities supplied at each possible price |
profit | the money a business receives for its products or services over and above its cost |
market supply | the total of all the supply schedules of all the business that provide the same good or service. |
productivity | the degree to which resources are being used efficiently to produce goods and services |
technology | the methods or processed used to make goods and services |
subsidy | a government payment to an individual,business, or group in exchange for certain actions |
supply elasticity | responsiveness of quantity supplied to a change in price |
surplus | situation in which quantity supplied is greater than quantity demanded;situation in which government spends less than it collects in revenues |
shortage | situation in which quantity demanded is greater than quantity supplied |
equilibrium price | the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy |
price ceiling | maximum price that can be charged for goods and services ,set by the goverment |
price floor | minimum price that can be charged for goods and services , set by the goverment |
minimum wage | lowest legal wage that can be paid to most us workers |
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