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chapter 21 vocabular


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
Created by: whitneybutler