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Chapter 4 Vocab

TermDefinition
Supply The amount of a good or service that producers are willing to sell at various possible prices during a given period.
Demand The amount of a good or service that consumers are willing and able to buy at various prices during a given period.
Specialization The focus of a worker on only one or a few aspects of production in order to improve efficiency.
Division of Labor The division of a complex procedure into small tasks, enabling work to increase output through specialization.
Market Equilibrium The point at which the quantity supplied and quantity demanded for a product are equal at the same price.
Shortage A situation in which the quantity demanded of a good or resource exceeds the quantity supplied.
Surplus A situation in which the quantity supplied of an item and a given price exceeds the quantity demanded.
Price Floor A government regulation that sets a MINIMUM price for a particular good.
Price Ceiling A government regulation that sets a MAXIMUM price for a particular good.
Price Elasticity Measure used in economics to show the responsiveness of the quantity demanded of a good or service to a change in its price.
Created by: S732285
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