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chapter21

TermDefinition
demand the want and capability to buy a good or service
demand schedule a table listing the different quantities of a good or service that a person is willing to buy over a range of prices
demand curve a graph showing the amount of product that would be bought at all possible prices in the market
law of demand that quantity and prices go in the opposite directions
market demand the total demand of all consumers for their product or service
utility amount of satisfaction you get from something
marginal utility additional use that is derived from each unit aquired
substitute products that in competing markets
complement when two products are used and sold together
demand elasticity the extent to which a change in price causes a change in quantity demanded
supply the amount of goods and services that producers are able and willing to sell
law of supply the principal 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 a upward sloping line that graphically shows the quantities supplied for each possible price
profit the gain of money a business makes on all goods and services
market supply the total of all supply schedules of all the businesses that provide the same good or service
productivity the degree in which resources are being used efficiently to produce goods and services
technology the method 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 the measure of how quantity supplied of a good or service changes in response to change in price
surplus the amount by which the quantity supplied is higher than the quantity demanded
shortage when the quantity of demand is higher than the quantity supplied
equilibrium price the price that the producers are willing to sell and buyers are willing to buy at
price ceiling maximum price set by the government on a good or service
price floor the minimum price set by the government on a good or service
minimum wage the lowest legal wage someone can be paid
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