economics ch 7 vocabulary
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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| law of supply | economic rule stating that price and quantity supplied move in the same direction
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| quantity supplied | the amount of a good or service taht a producer is willing and able to supply at a specific price
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| supply schedule | table showing quantities supplied at different possible prices
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| supply curve | upward-sloping line that shows in graph form the quantities suppliedd at each possible price
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| technology | any use of land,labor,and capital that produces goods and services more efficiently
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| law of diminishing returns | economic rule that says as more units of a factor of production(such as labor)are added to other factors of production (such as equipment),after some point total output continues to increase but at a diminishing rate
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| equilibrium price | the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy
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| shortage | situation in which the quantity demanded is greater than the quantity supplied at the current price
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| surplus | situation in which quantity supplied is greater than quantity demanded at the current price
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| price celling | a legal maximum price that may be charged for a particular good or service
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| rationing | the distribution of goods and services based on something other than price
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| black market | "underground" or illegal market in which goods are traded at prices above their legal maximum prices or in which illegal goods are sold
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| price floor | a legal minimum price below which a good or service may not be sold
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