chapter21 Word Scramble
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Term | Definition |
demand | the want and capability to buy a good or service |
demand schedule | a table listing the different quantities of a good or service that a person is willing to buy over a range of prices |
demand curve | a graph showing the amount of product that would be bought at all possible prices in the market |
law of demand | that quantity and prices go in the opposite directions |
market demand | the total demand of all consumers for their product or service |
utility | amount of satisfaction you get from something |
marginal utility | additional use that is derived from each unit aquired |
substitute | products that in competing markets |
complement | when two products are used and sold together |
demand elasticity | the extent to which a change in price causes a change in quantity demanded |
supply | the amount of goods and services that producers are able and willing to sell |
law of supply | the principal 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 | a upward sloping line that graphically shows the quantities supplied for each possible price |
profit | the gain of money a business makes on all goods and services |
market supply | the total of all supply schedules of all the businesses that provide the same good or service |
productivity | the degree in which resources are being used efficiently to produce goods and services |
technology | the method or processes used to make goods and services |
subsidy | a government payment to an individual, business, or group in exchange for certain actions |
supply elasticity | the measure of how quantity supplied of a good or service changes in response to change in price |
surplus | the amount by which the quantity supplied is higher than the quantity demanded |
shortage | when the quantity of demand is higher than the quantity supplied |
equilibrium price | the price that the producers are willing to sell and buyers are willing to buy at |
price ceiling | maximum price set by the government on a good or service |
price floor | the minimum price set by the government on a good or service |
minimum wage | the lowest legal wage someone can be paid |
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robertolulecaballero
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