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A Fat Vocab
Bomb AF
| Term | Definition |
|---|---|
| Demand | The amount of a good or service that a consumer is willing and able to buy at various prices. |
| Law of Demand | The principle that all other factors, being equal, consumers will purchase more of a good at lower prices. |
| Purchasing Power | The amount of income that people have to spend. |
| Income Effect | The effect that change an items price. |
| Substitution Effect | Consumers tendency to substutute a lower price good. |
| Diminishing Marginal Utility | The natural dcreases in the utility of a good. |
| Demand Schedule | A table that shows the level of demand for an item. |
| Demand Curve | A graphic representation of a demand schedule. |
| Determinance of Demand | A non-price factor that effects the amount of demand. |
| Substitute Goods | A product consumers use in place of another product. |
| Complementary Goods | A good that comes in use with another item. |
| Elasticity of Demand | The degree to which changes in price affect quantity demanded. |
| Law of Supply | The principle that producers will supply more of a product at higher prices. |
| Profit Motive | The desire to make money. |
| Cost of Production | The total cost of materials used to make a product. |
| Supply Curve | A graphic representation of a supply schedule. |
| Determinant of Supply | A non-price factor that influences the available supply. |
| Tax | A required payment to a local state or national government. |
| Diminishing Retunrns | The principle that as more than one input is added to a fixed supply. |
| Overhead | The sum of a business' fixed cost. |
| Variable Cost | The cost of doing business that changes directly with the level of input. |
| Marginal Cost | The cost of producing onE additonal unit of output. |
| Market Failure | A flaw in a price system that causes diminish or end a business. |
| Externality | Side effects of production. |
| Public Good | Goods or services provided free for everyone due to taxes. |
| Market Equilibrium | The point at which the quantity demanded meets the supply provided. |
| Surplus | An oversupply of a good produced. |
| Shortage | The situation when a quantity demanded is more than the supply available. |
| Price Ceiling | A maximum price something can cost, according to a government regulation. |
| Price Floor | A minimum price for a good or service allowed by government regulation. |
| Minimum Wage | The lowest hourly wage rate a employer can provide. |
| Rationing | When a system or institution decide how to distribute a good service. |
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baghdadassup
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