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Chapter 21 Civics

TermDefinition
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 that graphically show the quantities demanded at each possible price.
Law of Demand The concept that people are normally willing to buy less fo 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 form a good or service.
Marginal Utility Additional use that is derived form each unit acquired.
Substitute A completing product that consumers can use in place of another.
Complement Product often used with another product.
Demand Elasticity Measure of responsivesness relating change in quantities demanded at each possible 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 thay suppliers will normally offer more for sale at higher price 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 eah possible price.
Profit The money a business receives for its products or services over and above it 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 or certain actions.
Supply Elasticity Responsivesness of quanities supplied to a change in price.
Surplus Situtation in which quantity supplied is grater the quantity demand; situation in which government spends less tat it collects in revenues.
Shortage Situtation in which quantity demanded is greater than quantity supplied.
Equilibruim Price The price a which the amount producers are willing to supply is equal to the amount consumers are willing tp buy.
Price Ceiling Maximum price that can be charged for goods and services, set by the government.
Price Floor minimum prove that can be charged to goods and services, set by the government.
Minimum Wage. Lowest legal wage that can be paid to most U.S. Workers.
Created by: zacharyloso
 

 



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