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Chapter 21
Vocabulary
| Term | Definition |
|---|---|
| demand | 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 that graphically shows the quantities demanded at each possible price |
| law of demand | concept that people are normally willing to buy less of a product if the price is high and more if the price is low |
| market demand | total demand of all consumers for a product or service |
| utility | amount of satisfaction one gets from a good or service |
| marginal utility | additional use that is derived from each unit acquired |
| substitute | a competing product that consumers can use in a 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 | amount of goods and services that producer 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 | money a business receives for its products or service over and above its costs |
| market supply | total of all 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 actors |
| supply elasticity | responsiveness of quantity supplied to change a 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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