chapter21
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 want and capability to buy a good or service
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| demand schedule | a table listing the different quantities of a good or service that a person is willing to buy over a range of prices
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| demand curve | a graph showing the amount of product that would be bought at all possible prices in the market
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| law of demand | that quantity and prices go in the opposite directions
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| market demand | the total demand of all consumers for their product or service
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| utility | amount of satisfaction you get from something
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| marginal utility | additional use that is derived from each unit aquired
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| substitute | products that in competing markets
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| complement | when two products are used and sold together
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| demand elasticity | the extent to which a change in price causes a change in quantity demanded
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| supply | the amount of goods and services that producers are able and willing to sell
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| law of supply | the principal 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 | a upward sloping line that graphically shows the quantities supplied for each possible price
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| profit | the gain of money a business makes on all goods and services
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| market supply | the total of all supply schedules of all the businesses that provide the same good or service
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| productivity | the degree in which resources are being used efficiently to produce goods and services
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| technology | the method or processes used to make goods and services
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| subsidy | a government payment to an individual, business, or group in exchange for certain actions
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| supply elasticity | the measure of how quantity supplied of a good or service changes in response to change in price
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| surplus | the amount by which the quantity supplied is higher than the quantity demanded
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| shortage | when the quantity of demand is higher than the quantity supplied
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| equilibrium price | the price that the producers are willing to sell and buyers are willing to buy at
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| price ceiling | maximum price set by the government on a good or service
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| price floor | the minimum price set by the government on a good or service
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| minimum wage | the lowest legal wage someone can be paid
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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.
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.
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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