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Chapter 21 Vocab

Supply and Demand

TermDefinition
Demand The desire, willingness, and ability to buy a good or service
Demand Schedule Table showing quantities demanded at different prices
Demand Curve Downward-sloping line that graphically shows the quantities demanded at each possible price
Law of Demand People are normally willing to buy a product with a lower price much more than with a higher price
Market Demand The total demand for all consumers in the market
Utility The amount of satisfaction one gets from a good or service
Marginal Utility Additional use that is derived from each unit recquired
Substitutes A competing product used in place of another
Complements Product often used with another product
Demand Elasticity Measure of responsiveness relating change in quantity demanded a change in price
Supply The amount of goods that is shown
Law of Supply Principle that suppliers will normally offer more for higher prices than less at lower prices
Supply Schedule Table showing when quantities and different prices
Supply Curve Upwards sloping line that graphically shows the quantities at different prices
Profit The money a business makes for it's products or services
Market Supply The total of all supply schedules of all businesses that serve the same or similar things
Productivity The degree to which the product is being used effectively
Technology The methods or process used to make goods or services
Supply Elasticity Responsiveness of quantity supplied to a change in price
Surplus Situation in which quantity supplied is greater than supply demanded
Shortage Situation in which demand is greater than supply
Equilibrium Price The price at which the amount producers are willing to supply is equal to the amount of consumers
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 from the government
Minimum Wage The lowest possible price you can pay someone to do work
Created by: alecperrell
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