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chapt 3,4+5
| Question | Answer |
|---|---|
| demand | the amount of a good or service that a consumer is willing and able to buy at various prices |
| law of demand | the princible of all other facters being equil with consumers for the good and lower prices and less of a get at other prices |
| purchesing power | the amount of income that people have avalible to spend on goods and services |
| imcome effect | the effect that can change in items price has on consumers ability to purces goods |
| substution effect | consumers tendency to subsitute a lower price of a good |
| deminishing marginal utility | the natural decreases the utility of a good or service as more units of it are consumed |
| demand scedual | a table that shows the level of demand for a paticular item |
| demand curve | a graph ic representaion of a demand scedual showing the relationship between the price |
| determinant of demand | a nonprice factor that influences the amount of demand for a good or service. |
| subsitute goods | a product that purchases use in place of another prodcut particularly if the price of the other product rises. |
| complimentary goods | a good that is commonly used with another good and for which demand is increases or decreases when the demand for the related product increases. |
| elasticity of demand | the dedgree to which changes in the price of a good or servicwe affect quantity demanded. |
| law of supply | the priciple that producers will supply more of a product or service at higher prices but less of a product or service at lower prices. |
| profit motive | the desire to make money |
| cost of production | the total cost of materials, labor and other inputs required in the manufacture of a product |
| supply curve | A graphic representation of a supply schedule showing the relationship between the price of a item and the quantity. |
| determinate of supply | a non price factor that influences the available supply of a good or a service. |
| tax | a required payment to a local state or national government |
| law of deminishing return | the priciple that as more of one input such as labor is added to a fixed supply of other resources. |
| overhead | the sum of a businesses fixed cost except for wages and the material cost |
| variable cost | the cost of doing buisness that changes directly with a change in the level of output. |
| marginal cost | the cost of production one additional unit of output. |
| market failure | a flaw in a price system that occurs in some cost that have not been counted for |
| externality | an effect that a economic activity has on people and buisness |
| public good | any good or service that is consumed by all members of a group regardless of proof has helped pay for it |
| market equilibrium | quantity demanded for a product are equal at the same price |
| surplus | a situation in which the equality supplied of a item at a given price exceeds the quantity of demand |
| shortage | a situation in which the quantity demanded of a good or resource exceeds the quantity supply |
| price ceiling | a government regulation that sets a maximum price for a particluar good |
| price floor | a government regulation that sets a minimum price for a particular good |
| minimum wadge | the lowest hourly wage rate that a employer legally can pay a worker as established by federal law |
| rationing | a sysytem by which a government for other institution decides how to distribute a good. |
Created by:
156896