Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Chapter 21 Vocab.
| Term | Definition |
|---|---|
| Demand | The desire, 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 |
| Demand Curve | A graph that shows the amount of a product that would be bought at all possbile prices in the market |
| Law of Demand | Quantity demanded and price move in opposite directions |
| Market Demand | The total demand of all consumers for their product or serive |
| Utility | Pleasure, usefulness, or satisfaction we get from using the product |
| Marginal Utility | additional use that is derived from each unit acquired |
| Substitue | A competing product that consumers can use in place of another |
| Complement | Products often used with another product |
| Demand Elasticity | Measure of responsiveness relating change in quantity demanded to a change in price |
| Supply | The various quantities of a good or service that producers are willing to sell at all possible market prices |
| Law of Supply | The principle that suppliers will normally offer more for sale at higher prices and less at lower prices |
| Supply Schedule | A numerical chart that illustrates the law of supply |
| Supply Curve | A graph that shoes the amount of a product that would be supplied at all possible prices in the makret |
| Profit | The money a business receives for its products or series over and above its cost |
| Market Supply | The combination of the supply schedules of all the businesses that provide the good or service |
| Productivity | The degree to which resources are being used efficiently to produce goods and serices |
| Technology | The methods or processes used to maker goods and services |
| Subsidy | A government payment to an individual, business, or other group for certain actions |
| Supply Elasticity | A measure of how the quantity supplied of a good or service changes in response to changes in price |
| Surplus | The amount by which the quantity supplied is higher than the quantity demanded |
| Shortage | the amount by which the quantity demanded is higher than the quantity supplied |
| Equilibrium Price | The point where they achieve balance |
| Price ceiling | Maximum price set by the government that can be charged for good or service |
| Price Floor | A government minimum price that can be charged for good or services |
| Minimum Wage | The lowest legal wage that can be paid to most workers |
Created by:
patricialovett
Popular Social Studies sets