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Chapter 21 Vocab.

TermDefinition
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
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