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civics chapter 21
| Question | Answer |
|---|---|
| demand | the desire, willingness,and ability to buy a good or service |
| demand schedule | is 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 | is a graph that shows the amount of a product that would be bought at all possible prices in the market. |
| law of demand | quantity demanded and price move in opposite directions. |
| market demand | the total demand of all consumers for their product or service |
| utility | the pleasure, usefulness, or satisfaction we get from using the product. |
| marginal utility | additional satisfaction from each additional slice that you eat. |
| substitute | competing products |
| complement | they are used together |
| demand elasticity | the extent to which a change in price causes a change in the quantity demanded |
| supply | refers to the varaious 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 normally offer more for sale at higher prices and less at lower prices. |
| supply curve | is a graph that shows the amount of a product that would be supplied at all possible prices in the market. |
| profit | the money a buisness receives for its products or services over and above its costs. |
| market supply | the toal 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 | refers to the methods, or processes, used to make goods and services |
| subsidy | is a government payment to an individual, business, or other group for certain actions |
| supply elasticity | is a measure of how the quantity supplied of a good or service changes in response to changes in price. |
| surplus | is the amount by which the quantity supplied is higher than the quantity demanded. |
| shortage | the amount by which the quantity demanded is higher than the quantity supplied |
| equilibrium price | the point where they achieve balance |
| price ceiling | is a maximum price set by the government that can be charged for goods and services. |
| price floor | is a government minimum price that can be charged for goods and services |
| minimum wage | the lowest legal wage that can be paid to most workers |
| supply schedule | a numerical chart that illustrates the law of supply |
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cierreadouglas
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