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Throck Eco Ch 7:3-4
economics ch 7 vocabulary
| Question | Answer |
|---|---|
| law of supply | economic rule stating that price and quantity supplied move in the same direction |
| quantity supplied | the amount of a good or service taht a producer is willing and able to supply at a specific price |
| supply schedule | table showing quantities supplied at different possible prices |
| supply curve | upward-sloping line that shows in graph form the quantities suppliedd at each possible price |
| technology | any use of land,labor,and capital that produces goods and services more efficiently |
| law of diminishing returns | economic rule that says as more units of a factor of production(such as labor)are added to other factors of production (such as equipment),after some point total output continues to increase but at a diminishing rate |
| equilibrium price | the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy |
| shortage | situation in which the quantity demanded is greater than the quantity supplied at the current price |
| surplus | situation in which quantity supplied is greater than quantity demanded at the current price |
| price celling | a legal maximum price that may be charged for a particular good or service |
| rationing | the distribution of goods and services based on something other than price |
| black market | "underground" or illegal market in which goods are traded at prices above their legal maximum prices or in which illegal goods are sold |
| price floor | a legal minimum price below which a good or service may not be sold |
Created by:
davislauren
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