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chapters 3 4 5

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Demand The amount of a good or service that consumers are willing and able to buy at verious prices during a given period.
Law of Demand The princable that all factors being equal, consumers will perchase more of a good at lower prices and less of a good at higher prices.
Purchasing power The amount of income that people have available to spend on goods and serveces.
Income effect The effect that a change in an items price has on consumers ability to purchase goods.
Substitution effect Consumers tendency to sdubstitute a lower price good for a higher similar priced one.
Deminishing Marginal utility The natural decreses in the utility of a good or service as more units of it are consumed.
Demand schedual a table that shows the level of demand for a particular item at various prices.
Demand curve A graphic representation of a demand schedual, showing the relationship between the price of an item and the quality demanded during a given period.
Determins of Demand A non price factor that influences the amount of demand for a good or service.
Substitute good A product that purchasers us in a place of another product particularly if the price of the other product rises.
Complimentery goods A good that is comonly used with another good and for wich demand increases or decreases when the related good increases.
Elasticity of demand The degree to which changes in the price of a good or service.
Law of Supply The pricable that producrs will supply more of a product or a service at higher prices but less of a product or service at lower prices.
Profit Modive 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 schedual showing the relationship between a price of an item and the quality supplied during a given time period.
Determent of supply A non price factor that influences the available supply for a good or survace.
Tax A required payment to a local state or national government usualy made on some regular basis.
Law of deminitiong returns THe princable thast as more of one input is added to a fix supply of other resources productivity will increase to a point after which the marginal product will deminish.
Overhead The sum of a buisneses fix cost except for wages and the material cost.
Variable cost A cost of doing buisness tht changes directly with a change in the level of output.
Marginal cost The cost of producing one additional unit of output.
Market Failure A flaw in a price system that ocures when some cost have not been acounted for and ther for are not properly distributed externaly.
Externaly An effect that an economy activity has on people and buisneses that are neither producers or consumers of the good of servece that are neither produced.
Publice good Any good or service that is consumed by all members of a group.
Market Equalibrium The point at which the quality supplied and quantity demanded for a product are equal at the same price.
Surplus A situation in which the quantity supplied of an item at a given price exceeds the quantity demanded.
Shortage a situation in which the quantity demanded of a good or resource exceeds quantity suply.
Price celing A government regulation that sets a maximum price for a particular good.
price floor A government regulation that sets a minumun price for a particular good.
Minimum wage The lowest hourly wage rate that an employer legaly can pay a worker.
Rationing A system by which a government or other institution decides how to destibut a good or service.
Created by: JonnyRockets



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