Chapter 21
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| demand | show 🗑
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| demand schedule | show 🗑
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| show | downward sloping line that graphically shows the quantities possible prices
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| show | 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 | show 🗑
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| show | the amount of satisfaction one gets from a good or service
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| show | the additional or extra opportunity cost associated with an action
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| show | a competing product that consumers can use in place of another
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| complement | show 🗑
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| demand elasticity | show 🗑
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| show | the amount of goods and services that producers are able and willing to sell at various prices during a specified time period
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| show | the principle that suppliers will normally offer more for sale at higher prices and less at lower prices
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| show | table showing quantities supplied at different possible prices
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| show | upward sloping like line that graphically shows the quantities supplied at each possible price
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| profit | show 🗑
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| show | a government payment to an individual, business or group in exchange for certain actions
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| supply elasticity | show 🗑
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| surplus | show 🗑
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| shortage | show 🗑
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| equilibrium price | show 🗑
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| price ceiling | show 🗑
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| price floor | show 🗑
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| show | lowest legal wage that can be paid to most U.S workers
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| show | the degree to which resources are being efficiently to produce goods and services
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| show | the methods or processes used to make goods and services
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| show | the total of all the supply schedules of all the businesses that provide the same good or service
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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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