chapter 21
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| demand | to lay formal legal claim to
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| demand schedule | table showing quantities demanded at different prices
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| demand curve | downward sloping line the graphically shows the quantities demanded at each possible price
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| 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
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| market demand | the total demand of all consumers for a product or service
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| utility | the state or quality of being useful
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| marginal utility | the extra utility or satisfaction derived by a consumer from the consumption of the last unit of a commodity
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| substitute | a person or thing acting or serving in place of another
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| complement | something that completes or makes perfect
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| demand elasticity | measure of responsiveness relating change in quantity demanded to change a price
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| supply | to furnish or provide
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| law of supply | the principle that suppliers will normally offer more for sale at higher prices and less at lower prices
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| supply schedule | table showing quantities supplied at different possible prices
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| supply curve | upward sloping line that graphically shows the quantities at each possible price
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| profit | the monetary surplus left to a producer or employer after deducting wages, rent, cost of raw materials
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| market supply | the total of all the supply schedules of all the businesses that provide the same good or service
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| productivity | the quality, state, or fact of being able to generate, create, enhance, or bring forth goods and services
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| technology | the application of this knowledge for practical ends
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| subsidy | a direct pecuniary aid furnished by a government to a private industrial undertaking, a charity organization, or the like
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| supply elasticity | responsiveness of quantity supplied to a change in price
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| surplus | something that remains above what is used or needed.
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| shortage | a deficiency in quantity
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| equilibrium price | the price at which the quantity of a product offered is equal to the quantity of the product in demand
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| price ceiling | maximum price that can be charged for goods and services set by the government
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| price floor | minimum price that can be charged for goods and services set by the government
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| minimum wage | the lowest wage payable to employees in general or to designated employees as fixed by law or by union agreement
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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