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Chapter 21

TermDefinition
DEMAND It refers to the desire, willingness, and ability to buy a good or service.
DEMAND SCHEDULE 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 A graph that shows the amount of a product that would be bought at all possible prices in the market.
LAW OF DEMAND The concept that people are normally willing to buy less of 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 their product or service.
UTILITY Meaning the pleasure, usefulness, or satisfaction we get from using the product.
MARGINAL UTILITY Additional satisfaction.
SUBSTITUTE Competing products.
COMPLEMENT Used together.
DEMAND ELASTICITY The extent to which a change in price causes a change in the quantity demanded.
SUPPLY The various 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 normaly offer more for sale at higher prices and less at lower prices.
SUPPLY SCHEDULE A numerical chart that illustrates the law of supply.
SUPPLY CURVE A graph that shows the amount of a product that would be supplied at all possible prices in the market.
PROFIT The money a business receives for its products or services over and above irs 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 To the methods, or processes, used to make goods or services.
SUBSIDY A government payment to an individual, business, or other group for certain actions.
SUPPLY ELASTICITY A measure of how the quantity supplied of a good or service changes in response to changes in price.
SURPLUS The amount by which the quantity supplied is higher that the quatity demanded.
SHOTAGE The amount by which the quantity demanded is higher than the quantity supplied.
EQUILIBRIUM PRICE The point where they achieve balance.
PRICE CEILING A maximum price set by the government that can be charged for goods and services.
PRICE FLOOR A government minimum price that can be charged for goods and servives.
MINIMUM WAGE The lowest legal wage that can be paid to most workers, is a price floor.
Created by: ILIANAE
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