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ch 3,4,5

mrs. lorenz

demand amount of a good or service that a consumer is willing and able to buy at various possible prices during a given time period.
law of demand an inverse or poopsite relationship between a price and the quantity demanded.
purchasing power amount of money or income that people havae abailable to spend of goods and services
income effect increase or decrease in consumers' purchasing power tends to decrease his or her demand
substitution effect describes the tendency of consumers to substitue a similar lower priced product for another product
diminishing marginal utility more units of a product are consumed the satisfaction received from consuming each additional unit declines
demand schedule the price of a good or sercive and the quantity that consumers demand
demand curve the relationship between the price of a product and the quajntity demanded
determinants of demadn a shift in either the d2 or d3 curve means that a different quantity of car stereos is demanded at each and every price.
substitute goods goods that can be used to replace the purchase of similar goods when prices rise
complementary goods goods that are commonly used with other goods
elasticity of demand the degree to which changes in a goods price affect the quantity demanded by consumers.
law of supply states that producers supply more goods and services when they can sell them at higher prices and fewer goods
profit motive desire to make money helpls explain the law of supply
cost of production a business makes a profit wehn revenues are greater than
supply curve show the relationship between the price of a good or service adn the quantity supplied
determinant of supply new snapshots of a products supply must be taken periodically because supply like demand is affected by factors other than price
tax a required payment of money to the government to help fund government services
law of diminishing returns this law describes the effect that varying the level of an input has on total and margginal product
overhead another name for total fixed costs
variable cost v costs include raw materilals and wages
marginal cost are teh additional costs of producing one more unit of output.
market failure the limitations to free enterprise
externality side eggects for people do not directly connec with teh production
public good any good or service that is consumed by all members of a group
market quilibrium a situation that occurs when the quatity supplied and the quantity demanded for a procut are equal at the same price
surplus exists when the quantity supplied exceeds the quantity demanded
shortage exists when the quantity demanded exceeds the quantity supllied at the price offered
price ceiling government puts a cap on at least how much it must be
price floor government says the least the price can be
minimum wage an example of price floor
rationing when there is a shortage of an item
Created by: eddyg



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