ch 3,4,5 Word Scramble
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| Question | Answer |
| demand | amount of a good or service that a consumer is willing and able to buy at various possible prices during a given time period. |
| law of demand | an inverse or poopsite relationship between a price and the quantity demanded. |
| purchasing power | amount of money or income that people havae abailable to spend of goods and services |
| income effect | increase or decrease in consumers' purchasing power tends to decrease his or her demand |
| substitution effect | describes the tendency of consumers to substitue a similar lower priced product for another product |
| diminishing marginal utility | more units of a product are consumed the satisfaction received from consuming each additional unit declines |
| demand schedule | the price of a good or sercive and the quantity that consumers demand |
| demand curve | the relationship between the price of a product and the quajntity demanded |
| determinants of demadn | a shift in either the d2 or d3 curve means that a different quantity of car stereos is demanded at each and every price. |
| substitute goods | goods that can be used to replace the purchase of similar goods when prices rise |
| complementary goods | goods that are commonly used with other goods |
| elasticity of demand | the degree to which changes in a goods price affect the quantity demanded by consumers. |
| law of supply | states that producers supply more goods and services when they can sell them at higher prices and fewer goods |
| profit motive | desire to make money helpls explain the law of supply |
| cost of production | a business makes a profit wehn revenues are greater than |
| supply curve | show the relationship between the price of a good or service adn the quantity supplied |
| determinant of supply | new snapshots of a products supply must be taken periodically because supply like demand is affected by factors other than price |
| tax | a required payment of money to the government to help fund government services |
| law of diminishing returns | this law describes the effect that varying the level of an input has on total and margginal product |
| overhead | another name for total fixed costs |
| variable cost | v costs include raw materilals and wages |
| marginal cost | are teh additional costs of producing one more unit of output. |
| market failure | the limitations to free enterprise |
| externality | side eggects for people do not directly connec with teh production |
| public good | any good or service that is consumed by all members of a group |
| market quilibrium | a situation that occurs when the quatity supplied and the quantity demanded for a procut are equal at the same price |
| surplus | exists when the quantity supplied exceeds the quantity demanded |
| shortage | exists when the quantity demanded exceeds the quantity supllied at the price offered |
| price ceiling | government puts a cap on at least how much it must be |
| price floor | government says the least the price can be |
| minimum wage | an example of price floor |
| rationing | when there is a shortage of an item |
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eddyg
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