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Econ Supply & Demand
Ch 4 and 5 vocabulary on Supply and Demand
| Question | Answer |
|---|---|
| How much of a product consumers are both willing & able to buy at each possible price during a given period. | Demand |
| Quantity demanded varies inversely with price. | Law of Demand |
| The satisfaction you derive from an additional unit of a product. | Marginal Utility |
| How much of a good, or service people want at various prices. | Demand Curve |
| Shows an individual point on the demand curve. | Quantity Demanded |
| The demand of an individual consumer . | Individual Demand |
| Sums of the individual demand of all consumers in the market. | Market Demand |
| Measures the percentage change in quantity demanded divided by the percentage change in price. | Elasticity of Demand |
| Price multiplied by the quantity demanded at that price. | Total Revenue |
| Your likes and dislikes as a consumer. | Tastes |
| Changing the quantity demanded. | Movement Along a Demand Curve |
| Changing demand. | Shift of a Demand Curve |
| A law stating the lower the price the smaller the quantity supplied. | Law of Supply |
| Shows how much a person is willing to make or sell at a certain price. | Supply Curve |
| Equals the percentage change in quantity supplied divided by the percentage change in price. | Elasticity of supply |
| When there is a change in price, but other things remain constant; this happens... | Movement Along a Supply Curve |
| A change in the quantity supplied at each price. | Shift of a Supply Curve |
| At least one resource is fixed. | Short Run |
| No resources are fixed. | Long Run |
| The total output of the firm. | Total Product |
| Amount which total product changes w/each additional worker & other resources remain same. | Marginal Product |
| Law states that more units of a resource are added to other resources, marginal product eventually decreases. | Law of Diminishing Returns |
| One that does not change in the short run, no matter how much output is produced. | Fixed Cost |
| This varies with the amount produced. | Variable Cost |
| Sum of fixed cost and variable cost. | Total Cost |
| The change in total cost divided by the change in quantity. | Marginal Cost |
| The change in total revenue from selling that unit. | Marginal Revenue |
| Upward sloping portion of its marginal cost curve at and above the minimum acceptable price. | Competitive Firms Supply Curve |
| When the firms long-run average cost declines as the firm size increases. | Economics of Scale |
| Showing the lowest average cost of producing each level of output . | Long-run Average Cost Curve |
| Indicates how much of a good produces are willing and able to offer for sale per period at each possible price, other things constant. | Supply |
| The more you consume an item in a given period, eventually you will get less pleasure out of each added item. | Law of diminishing marginal utility |
| % change in Quantity Demanded/ % change in price | Elasticity of Demand Formula |
Created by:
dsalvucci
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