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vocab

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
demand   the desire, willingness, and ability to buy a good or service  
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demand schedule   table showing quantities demanded at different possible prices  
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demand curve   downward-sloping line that graphically shows the quantity 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 amount of satisfaction one gets from a good or service  
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marginal utility   additional use that is derived from each unit acquired  
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substitute   a competing product that consumers can use in place of another  
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complement   product often used with another product  
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demand elasticity   measure of responsiveness relating change in quantity demanded to a change in price  
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supply   the amount of goods and services that producers are bale and willing to sell at various prices during a specified time period  
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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 supplied at each possible price  
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profit   the money a business receives for its products or services over and above its costs  
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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 degree 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 certain actions  
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supply elasticity   responsiveness of quantity supplied to a change in price  
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surplus   situation in which quantity supplied is greater than quantity demanded; situation in which government spends less than it collects in revenues  
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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 willing to supply is equal to the amount consumers are willing 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 charger for goods and services, set by th government  
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minimum wage   lowest legal wage that can be paid to most U.S. workers  
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