Chapter 21
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| demand | the desire or 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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| law of demand | quantity demanded and price move in opposite direction
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| market demand | the total demand of all consumers for their product or service
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| utility | meaning of pleasure, usefullness, or satisfaction we get from using a product
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| marginal utility | additional satisfaction from each extra unit
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| substitute | competing products
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| complement | products used together
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| demand elasticity | the extent to which a change in price causes a change in the quantity demanded
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| supply | the various quntities of a good or service that producers are willing to sell at all possible market prices
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| law of supply | as the price rises for a good, the quantity supplied rises. As the price falls the quantity supplied also falls
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| supply schedule | a numerical chart that illustrates law of supply
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| supply curve | a graph that shows the amount of a product that woul dbe supplied at all possbile prices of a market
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| profit | the money a business receives for its products and services over and above its costs
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| market supply | the supply of all the businesses that produce the same good or service over and above its costs
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| productivity | the degreee to which resources are being used efficiently to produce goods and services
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| technology | the methods 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 a certain action
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| supply elasticity | responsivness of quantity supplied to a change in price
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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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| Surplus | situation in which quantity supplied is greater than quantity demanded
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| shortage | situation in which quantity demanded is greater than quantity supplied
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| equilibrium price | the price at which the amount producers are whiling to supply is equal to the amount consumers are whiling to buy
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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 | lowest legal wage that can be paid to the most U.S. workers
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