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Throck Eco Ch 7:3-4

economics ch 7 vocabulary

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