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Chapter 21 & Stuff
Term | Definition |
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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 |