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chap 21
| Term | Definition |
|---|---|
| demand | the desire willingness and ability to buy good or services |
| demand schedule | table showing quantities demanded at a different possible price |
| demand curve | downward slipping line in that graphically show the quantities demanded at each possible price |
| law of demand | the concept that all people are normally willing to buy less of product if the price is high and none if the price is low |
| market demand | free and willing exchange of goods a services between buyers and sellers |
| utlity | the amount of satisfaction one gets from goods or services |
| marginal utility | additional use that derived from each and acquired |
| substitute | a competing product that consumers can use in place of another |
| complement | product other used with another product |
| demand elasticity | measures of responsiveness relating change in inequality demanded to a change in the price |
| supply | the amount of good and services that producers are able and willing to sell at various prices during a specified time period |
| law of supply | the princple that suppliers will normally offer more sale of higher prices and less at lower prices |
| supply schedule | table showing quantities supplied at different possible prices |
| supply curve | upward sloping line that graphically show the quantities supplied at each possible price |
| profit | the money a business receives for its product ans services over and above its price |
| market supply | the total of all supply schedule of all business that provide the same goods or services |
| productively | the degree in which resources are being used effectively to produce goods and services |
| technology | the method or process used to make goods and services |
| subsidy | a government payment to an individual business or group in exchange for certain actions |
| supply elasticity | responsive of quantity supplied to change the price |
| surplus | situations in which quantity supplied is greater than quantity demanded situtation in which the goverment spend less than it collects in the nevenues |
| shortage | situations in which quantity demanded is greater than quantity supplied |
| equilibrium | the philosophy or spirit of equality |
| price celling | price that you can change for goods and services set by the government ` |
| price floor | minimum price that can be changed for goods and services set by the government |
| minimum wage | lowest legal wage that can be paid to most us workers |
Created by:
somonnemclean
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