click below
click below
Normal Size Small Size show me how
chapter 21 vocabular
Civics
Question | Answer |
---|---|
the desire, willingness, and ability to buy a good or service | Demand |
table showing quantities demanded at different possible prices | Demand Schedule |
downward-sloping line that graphically shows the quantities demanded at each possible price | Demand Curve |
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 | Law Of Demand |
the total demand of all consumers for a product or service | Market Demand |
the amount of satisfaction one gets from a good or service | Utility |
additional use that is derived from each unit acquired | Marginal Utility |
a competing product that consumers can use in place of another | Substitute |
product often used with another product | Complement |
measure of responsiveness relating change in quantity demanded to a change in price | Demand Elasticity |
the amount of goods and services that producers are able and willing to sell at various prices during a specified time period | Supply |
the principle that suppliers will normally offer more for sale at higher prices and less at lower prices | Law Of Supply |
table showing quantities supplied at different possible prices | Supply Schedule |
upward-sloping line that graphically shows the quantities supplied at each possible price | Supply Curve |
the money a business receives for its products or services over and above its costs | Profit |
the total of all the supply schedules of all the businesses that provide the same good or service | Market Supply |
the degree to which resources are being used efficiently to produce goods and services | Productivity |
the methods or processes used to make goods and services | Technology |
a government payment to an individual, business, or group in exchange for certain actions | Subsidy |
responsiveness of quantity supplied to a change in price | Supply Elasticity |
situation in which quantity supplied is greater than quantity demanded; situation in which government spends less than it collects in revenues | Surplus |
situation in which quantity demanded is greater than quantity supplied | Shortage |
the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy | Equilibrium Price |
maximum price that can be charged for goods and services, set by the government | Price Ceiling |
minimum price that can be charged for goods and services, set by the government | Price Floor |
lowest legal wage that can be paid to most U.S. workers | Minimum Wage |