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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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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