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PCS Economics

Economics Vocabulary Chapter 5

TermDefinition
quantity demanded the amount of a good or service that consumers are willing and able to buy at a specific price
demand the quantity of a good or service that consumers are both willing and able to buy at various prices
demand schedule a list of the quantities of a good that one person will buy at various prices
demand curve a graph of the relationship between the price of a good or service and the quantity buyers ware willing and able to buy
market demand the sum of all the individual quantities demanded in a market
law of demand an economic law stating that as the price of a good or service increases, the quantity demanded decreases, and vice versa
substitute good a product that satisfies the same basic want as another product
change in demand an increase or decrease in demand (the quantity of a good or service that consumers are willing and able to buy) as a result of a change in factors other than price
demand shifters a factor other than price that can cause a change in demand for a good or service; examples include changes in consumer incomes or tastes
complementary good a product that is used or consumed jointly with another product; tennis rackets and tennis balls are one example
demand shifters 1. change in income 2. consumer expectation 3. change in price of substitute goods 4. change in the numbers of consumers 5. change in the price of complementary goods 6. change in consumers taste and preferences
quantity supplied the amount of a good or service that producers are willing and able to offer for sale at a specific price
supply the quantity of a good or service that producers are willing and able to offer for sale at various prices
supply schedule a table that shows the quantities supplied at different prices in a market
supply curve a graph that shows the relationship between price and the quantity that producers are willing and able to supply
market supply the sum of all the individual quantities supplied in a market
law of supply an economic law stating that as the price of a good or service increase, the quantity supplied increase, and vise versa
revenue the amount of money a firm receives in the course of doing business
change in quantity supplied an increase or decrease in quantity supplied (the amount of a good or service that producers are willing and able to offer for sale at a specific price) as a result of a change in price
change in supply an increase or decrease in supply (the quantity of a good or service that producers are willing and able to offer for sale) as a result of a change in factors other than price; a shift of the supply curver to the left or right
supply shifter a factor other than price that can cause a change in the supply of a good or service; examples include changes in technology and government policy
subsidy a government payment to a supplier of goods or services, designed to help that supplier continue to operate
excise tax a tax on the manufacture or sale of a good
elasticity a measure of the degree to which the quantity demanded or supplied of a good or service changes in response to a change in price
elasticity of demand a measure of the sensitivity of consumers to a change in price
inelastic not responsive, or only slightly responsive, to a change in price, applied to either supply or demand; the supply or demand of a good or service is said to be inelastic when the quantity supplied or demanded does not change with a change in price
elastic responsive to a change in price, applied to either supply or demand; the supply or demand of a good or service is said to be elastic when the quantity supplied or demanded changes significantly with a change in price
unitary elastic demand
Created by: Ms.Sala
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