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civics chapter 21

QuestionAnswer
demand the desire, willingness,and ability to buy a good or service
demand schedule is a table that lists the various quantities of a product or service that someone is willing to buy over a range of prices.
demand curve is a graph that shows the amount of a product that would be bought at all possible prices in the market.
law of demand quantity demanded and price move in opposite directions.
market demand the total demand of all consumers for their product or service
utility the pleasure, usefulness, or satisfaction we get from using the product.
marginal utility additional satisfaction from each additional slice that you eat.
substitute competing products
complement they are used together
demand elasticity the extent to which a change in price causes a change in the quantity demanded
supply refers to the varaious quantities of a good or service that producers are willing to sell at all possible market prices
law of supply the principle that suppliers will normally offer more for sale at higher prices and less at lower prices.
supply curve is a graph that shows the amount of a product that would be supplied at all possible prices in the market.
profit the money a buisness receives for its products or services over and above its costs.
market supply the toal of all the supply schedules of all the businesses that provide the same good or service
productivity the degree to which resources are being used efficiently to produce goods and services
technology refers to the methods, or processes, used to make goods and services
subsidy is a government payment to an individual, business, or other group for certain actions
supply elasticity is a measure of how the quantity supplied of a good or service changes in response to changes in price.
surplus is the amount by which the quantity supplied is higher than the quantity demanded.
shortage the amount by which the quantity demanded is higher than the quantity supplied
equilibrium price the point where they achieve balance
price ceiling is a maximum price set by the government that can be charged for goods and services.
price floor is a government minimum price that can be charged for goods and services
minimum wage the lowest legal wage that can be paid to most workers
supply schedule a numerical chart that illustrates the law of supply
Created by: cierreadouglas
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