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Chapter 21

Demand The desire, willingness, and ability to buy a good or service.
Demand Schedule table showing quantities demanded at different possible prices.
Demand Curve downward-sloping line that graphically shows the quantities demanded at each possible price
Law of Demand The concept that people are normally willing to buy less of a product if the price is high and more of it the price is low.
Market Demand The total demand of all customers for a product or service.
Utility The amount of satisfaction one gets from a good or service.
Marginal Utility Additional use that is derived from each unit acquired.
Substitute A competing product that customers can use in place of another.
Complement Product often used with another product.
Demand Elasticity Measure of responsiveness relating change in quantity demanded to a change in price
Supply The amount of goods and services that producers are able and willing to sell at various prices during a specified time period.
Law of Supply The principle that suppliers will normally offer more for sale at higher prices and less at lower prices.
Supply Schedule Table showing quantities supplied at different possible prices.
Supply Curve Upward-sloping line that graphically shows that quantities supplied at each possible price.
Profit The money business receives for it's products or services over and above it's costs.
Market Supply The total of all the supply schedules of all the businesses that provide the same good or service.
Productivity The degree to which resources are being used efficiently to produce goods and services.
Technology The methods or processes used to make goods and services.
Subsidy A government payment to an individual, business, or group in exchange for certain actions.
Supply Elasticity Responsiveness or quantity supplied to a change in price.
Surplus Situation in which quantity supplied is greater than quantity demanded; situation in which government spends less than it collects in revenues.
Shortage Situation in which quantity demanded is greater than quantity supplied.
Equilibrium Price The price at which the amount producers are willing to supply is equal to the amount customers are willing to buy
Price ceiling Maximum price that can be charged for goods and services, set by the government.
Price Floor Minimum price that can be charged for goods and services, set by the government.
Minimum Wage Lowest legal wage that can be paid to most U.S. workers.
Created by: Brianlopez464