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Term

Demand
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Law of Demand
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A Fat Vocab

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TermDefinition
Demand The amount of a good or service that a consumer is willing and able to buy at various prices.
Law of Demand The principle that all other factors, being equal, consumers will purchase more of a good at lower prices.
Purchasing Power The amount of income that people have to spend.
Income Effect The effect that change an items price.
Substitution Effect Consumers tendency to substutute a lower price good.
Diminishing Marginal Utility The natural dcreases in the utility of a good.
Demand Schedule A table that shows the level of demand for an item.
Demand Curve A graphic representation of a demand schedule.
Determinance of Demand A non-price factor that effects the amount of demand.
Substitute Goods A product consumers use in place of another product.
Complementary Goods A good that comes in use with another item.
Elasticity of Demand The degree to which changes in price affect quantity demanded.
Law of Supply The principle that producers will supply more of a product at higher prices.
Profit Motive The desire to make money.
Cost of Production The total cost of materials used to make a product.
Supply Curve A graphic representation of a supply schedule.
Determinant of Supply A non-price factor that influences the available supply.
Tax A required payment to a local state or national government.
Diminishing Retunrns The principle that as more than one input is added to a fixed supply.
Overhead The sum of a business' fixed cost.
Variable Cost The cost of doing business that changes directly with the level of input.
Marginal Cost The cost of producing onE additonal unit of output.
Market Failure A flaw in a price system that causes diminish or end a business.
Externality Side effects of production.
Public Good Goods or services provided free for everyone due to taxes.
Market Equilibrium The point at which the quantity demanded meets the supply provided.
Surplus An oversupply of a good produced.
Shortage The situation when a quantity demanded is more than the supply available.
Price Ceiling A maximum price something can cost, according to a government regulation.
Price Floor A minimum price for a good or service allowed by government regulation.
Minimum Wage The lowest hourly wage rate a employer can provide.
Rationing When a system or institution decide how to distribute a good service.
Created by: baghdadassup
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