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Chapter 21 Civics
| 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 show the quantities demanded at each possible price. |
| Law of Demand | The concept that people are normally willing to buy less fo 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 a product or service. |
| Utility | The amount of satisfaction one gets form a good or service. |
| Marginal Utility | Additional use that is derived form each unit acquired. |
| Substitute | A completing product that consumers can use in place of another. |
| Complement | Product often used with another product. |
| Demand Elasticity | Measure of responsivesness relating change in quantities demanded at each possible price. |
| Supply | The amount of goods and services that producers are able and willing to sell at various prices during a specified time period. |
| Law of Supply | The principle thay suppliers will normally offer more for sale at higher price 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 eah possible price. |
| Profit | The money a business receives for its products or services over and above it 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 | The methods or processes used to make goods and services. |
| Subsidy | A government payment to an individual, business, or group in exchange or certain actions. |
| Supply Elasticity | Responsivesness of quanities supplied to a change in price. |
| Surplus | Situtation in which quantity supplied is grater the quantity demand; situation in which government spends less tat it collects in revenues. |
| Shortage | Situtation in which quantity demanded is greater than quantity supplied. |
| Equilibruim Price | The price a which the amount producers are willing to supply is equal to the amount consumers are willing tp buy. |
| Price Ceiling | Maximum price that can be charged for goods and services, set by the government. |
| Price Floor | minimum prove that can be charged to goods and services, set by the government. |
| Minimum Wage. | Lowest legal wage that can be paid to most U.S. Workers. |
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