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Chapter 21 Vocab
| Term | Definition |
|---|---|
| Damand | the desire, willingness, and ability to buy a good or service |
| Demand Schedule | measure of responsiveness relating change in quantity demanded to a change in price |
| Demand Curve | downward-sloping time that graphically shows the quantities demanded at each possible price |
| Law of Demand | the concept that people are normally willing to buy less of a product if the price is high and more of it if the price is low |
| Mark Demand | the total demand of all consumers for a product or service |
| Utility | the amount of satisfaction one gets for a good or service |
| Marginal Utility | Additional use that is derived from each unit acquired |
| Substitutes | competing product that consumers can use in place of another |
| Complements | product often used with another product |
| Demand Elastcity | measure of responsiveness relating change in quantity demanded to change in price |
| Supply | the amount of goods and services that producers are able and willing to sell at various prices during a specific 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 quantity supplied at different possible prices |
| Supply Curve | upward sloping line that graphically shows the quantities supplied at each possible price |
| Profit | the money a business receives for its products or services over and above their cost |
| Market Supply | the total of all the supply schedules of all 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 or services |
| Subsidy | a government payment to an individual, business, or group in exchange for certain actions |
| Supply Elasticity | responsiveness of quantity supplied to a change in price |
| Surplus | situation in which quantity supplied is greater than quantity demanded |
| 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 US workers |
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