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chapter21
| Term | Definition |
|---|---|
| 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 |
Created by:
robertolulecaballero
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