chapter 21 Word Scramble
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| Term | Definition |
| demand | to lay formal legal claim to |
| demand schedule | table showing quantities demanded at different prices |
| demand curve | downward sloping line the graphically shows the quantities demanded at each possible price |
| 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 |
| market demand | the total demand of all consumers for a product or service |
| utility | the state or quality of being useful |
| marginal utility | the extra utility or satisfaction derived by a consumer from the consumption of the last unit of a commodity |
| substitute | a person or thing acting or serving in place of another |
| complement | something that completes or makes perfect |
| demand elasticity | measure of responsiveness relating change in quantity demanded to change a price |
| supply | to furnish or provide |
| law of supply | the principle that suppliers will normally offer more for sale at higher prices and less at lower prices |
| supply schedule | table showing quantities supplied at different possible prices |
| supply curve | upward sloping line that graphically shows the quantities at each possible price |
| profit | the monetary surplus left to a producer or employer after deducting wages, rent, cost of raw materials |
| market supply | the total of all the supply schedules of all the businesses that provide the same good or service |
| productivity | the quality, state, or fact of being able to generate, create, enhance, or bring forth goods and services |
| technology | the application of this knowledge for practical ends |
| subsidy | a direct pecuniary aid furnished by a government to a private industrial undertaking, a charity organization, or the like |
| supply elasticity | responsiveness of quantity supplied to a change in price |
| surplus | something that remains above what is used or needed. |
| shortage | a deficiency in quantity |
| equilibrium price | the price at which the quantity of a product offered is equal to the quantity of the product in demand |
| price ceiling | maximum price that can be charged for goods and services set by the government |
| price floor | minimum price that can be charged for goods and services set by the government |
| minimum wage | the lowest wage payable to employees in general or to designated employees as fixed by law or by union agreement |
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