Chapter 21 & Stuff
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| demand | the desire, willingness, and ability to buy a good or service
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| demand schedule | a table that lists the various quantities of a product or service that someone is willing to buy over a range of prices
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| demand curve | a graph that shows the amount of a product that would be bought at all possible prices in the market
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| law of demand | quantity demanded and price move in opposite directions
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| market demand | the total demand of all consumers for their product or service
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| utility | the pleasure, usefulness, or satisfaction we get from using the product
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| marginal utility | additional use that is derived from each unit aquired
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| substitute | a completing product that consumers can use in place of another
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| complements | product often used with another product
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| demand elasticity | extent to which a change in a price caused a change in the quantity demanded
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| supply | various quantities of a good or service that producers are willing to sell at all possible market prices
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| law of supply | the principal that suppliers will normally offer more sale at higher prices
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| supply schedule | a numerical chart that illustrates the law of supply
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| supply curve | a graph that shows the amount of a product that would be supplied at all possible prices in a market
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| profit | the money a business revives for its products or services over and above its costs
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| market supply | the total of a combined schedules and all of the business that provide the same good or service
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| productivity | when workers are more productive, a company's costs go down
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| technology | it refers to the methods, or processes ,used to make goods or services
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| subsidy | a government payment to an individual , business, or other group for certain actions
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| supply elasticity | a measure of how the quantity supplied of a good or service changes in response to changes in price
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| surplus | the amount by which the quantity supplied is higher then the quantity demanded
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| shortage | the amount by which the quantity demanded is higher then the quantity supplied
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| equilibrum price | when quantity demand and quantity supplies are equal
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| price ceiling | a maximum price set by the government that can be charged for goods and services
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| price floor | a minimum price set by the government that can be charged for goods and services
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| minimum wage | the lowest legal wage that can be paid for most workers
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Or sort by any of the columns using the down arrow next to any column heading.
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