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Chapter 21
| Term | Definition |
|---|---|
| demand | the desire or willingness and ability to buy a good or service |
| demand schedule | a table that lists the various quantities of a product or service that someone is willing to buy over a range of prices |
| law of demand | quantity demanded and price move in opposite direction |
| market demand | the total demand of all consumers for their product or service |
| utility | meaning of pleasure, usefullness, or satisfaction we get from using a product |
| marginal utility | additional satisfaction from each extra unit |
| substitute | competing products |
| complement | products used together |
| demand elasticity | the extent to which a change in price causes a change in the quantity demanded |
| supply | the various quntities of a good or service that producers are willing to sell at all possible market prices |
| law of supply | as the price rises for a good, the quantity supplied rises. As the price falls the quantity supplied also falls |
| supply schedule | a numerical chart that illustrates law of supply |
| supply curve | a graph that shows the amount of a product that woul dbe supplied at all possbile prices of a market |
| profit | the money a business receives for its products and services over and above its costs |
| market supply | the supply of all the businesses that produce the same good or service over and above its costs |
| productivity | the degreee 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 a certain action |
| supply elasticity | responsivness of quantity supplied to a change in price |
| demand curve | a graph that shows the amount of a product that would be bought at all possible prices in the market |
| Surplus | situation in which quantity supplied is greater than quantity demanded |
| shortage | situation in which quantity demanded is greater than quantity supplied |
| equilibrium price | the price at which the amount producers are whiling to supply is equal to the amount consumers are whiling 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 the most U.S. workers |
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