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his
civic
| Term | Definition |
|---|---|
| monopoly | a market structure where one where one seller or producer is the sole supplier of a good or service in a market. |
| substitutes | a competing product that consumers can use in place of another. |
| complements | product often used with another product. |
| demand elasticity | measure of responsiveness relating change in quantity to a change in price. |
| law of supply | the principle that suppliers will normally offer more for sale at higher prices and less at lower prices. |
| supply | the amount of goods and services that producers are willing to sell at various prices during a specific time period. |
| supply schedule | table showing qualities supplied at all possible prices in the market |
| profit | the money the business receives for its products or services over and above its costs. |
| market supply | the total of all supply schedules of all the business that provide the same good or service. |
| productivity | when workers are more productive, a company costs go down |
| technology | refers to the methods or processes used to make good and services. |
| subsidy | a gov. payment to an individual, business, or other group for certain actions. |
| surplus | is the amount by which the quantity supplied is higher than quantity demanded. |
| shortage | is the amount by which quantity demanded is higher than quantity demanded. |
| 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 set by the gov. that can be changed for goods and services. |
| price floor | minimum price that can be charged for goods and services. |
| minimum wage | the lowest legal wage that can be paid to most workers, is a price floor. |
| demand | the desire, willingness, and ability to buy a good or a service. |
| demand schedule | table showing quantities demanded at different possible prices |
| demand curve | downward sloping line 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. |
| market demand | the total demand of all consumers for a product or service |
| marginal utility | additional use that is derived from each unit acquired |
Created by:
gisela.f538
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