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Chapter 21
Civics and Economics chapter 21 definitions
| Term | Definition |
|---|---|
| Demand | the desire, willingness, and ability to buy a good or service |
| Demand Schedule | table showing quantities demanded at different possible prices |
| Demand Curve | downward-sloping line the graphically shows the quantities demanded to a change in price |
| Law of Demand | the concept that people are normally willing to buy less of a product if the price is high and more of it if the price is low |
| Market Demand | the total demand of all consumers for a product or service |
| Utility | the amount of satisfaction one gets from a good or service |
| Marginal Utility | additional use that is derived from each unit aquired |
| Substitute | a competing product that consumers can use in place of another |
| Complement | product often used with another product |
| Demand Elasticity | measure of responsiveness relating change in quantity demanded to a change in price |
| Supply | the amount of goods and services that producers are able and willing to sell at various prices during a specified time period |
| Law of Supply | the principle 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 | upward-sloping line that graphically shows the quantities supplied at each possible price |
| Profit | the money a business receives for its products or services over and above its costs |
| Market Supply | the total of all the supply schedules of all the businesses that provide the same good or service |
| Productivity | the degree 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 certain actions |
| Supply Elasticity | responsiveness of quantity supplied to a change in price |
| Surplus | situation in which quantity supplied is greater than quantity demanded; situation in which government spends less than it collects in revenues |
| Shortage | situation in which quantity demanded is greater than quantity supplied |
| Equilibrium Price | the price at which the amount producers are willing to supply is equal to the amount consumers are willing 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 most U.S. workers |
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alexislloyd
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