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Chapter 21 & Stuff
| Term | Definition |
|---|---|
| demand | 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 | 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 use that is derived from each unit aquired |
| substitute | a completing product that consumers can use in place of another |
| complements | product often used with another product |
| demand elasticity | extent to which a change in a price caused a change in the quantity demanded |
| supply | various quantities of a good or service that producers are willing to sell at all possible market prices |
| law of supply | the principal that suppliers will normally offer more sale at higher 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 a market |
| profit | the money a business revives for its products or services over and above its costs |
| market supply | the total of a combined schedules and all of the business that provide the same good or service |
| productivity | when workers are more productive, a company's costs go down |
| technology | it refers 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 then the quantity demanded |
| shortage | the amount by which the quantity demanded is higher then the quantity supplied |
| equilibrum price | when quantity demand and quantity supplies are equal |
| price ceiling | a maximum price set by the government that can be charged for goods and services |
| price floor | a minimum price set by the government that can be charged for goods and services |
| minimum wage | the lowest legal wage that can be paid for most workers |
Created by:
roberthowell
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