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Chapter 21 & Stuff

TermDefinition
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