The desire, willingness, and ability to buy a good or service.

Table showing quantities demanded at different possible prices.

Downward-sloping line that graphically show the quantities demanded at each possible price.

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.

The total demand of all consumers for a product or service.

The amount of satisfaction one gets form a good or service.

Additional use that is derived form each unit acquired.

A completing product that consumers can use in place of another.

Product often used with another product.

Measure of responsivesness relating change in quantities demanded at each possible price.

The amount of goods and services that producers are able and willing to sell at various prices during a specified time period.

The principle thay suppliers will normally offer more for sale at higher price and less at lower prices.

Table showing quantities supplied at different possible prices.

Upward-Sloping line that graphically shows the quantities supplied at eah possible price.

The money a business receives for its products or services over and above it costs.

The total of all the supply schedules of all the businesses that provide the same good or service.

The degree to which resources are being used efficiently to produce goods and services.

The methods or processes used to make goods and services.

A government payment to an individual, business, or group in exchange or certain actions.

Responsivesness of quanities supplied to a change in price.

Situtation in which quantity supplied is grater the quantity demand; situation in which government spends less tat it collects in revenues.

Situtation in which quantity demanded is greater than quantity supplied.

The price a which the amount producers are willing to supply is equal to the amount consumers are willing tp buy.

Maximum price that can be charged for goods and services, set by the government.

minimum prove that can be charged to goods and services, set by the government.

Lowest legal wage that can be paid to most U.S. Workers.

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Chapter 21 Civics

Term	Definition
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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