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chap 21

TermDefinition
demand the desire willingness and ability to buy good or services
demand schedule table showing quantities demanded at a different possible price
demand curve downward slipping line in that graphically show the quantities demanded at each possible price
law of demand the concept that all people are normally willing to buy less of product if the price is high and none if the price is low
market demand free and willing exchange of goods a services between buyers and sellers
utlity the amount of satisfaction one gets from goods or services
marginal utility additional use that derived from each and acquired
substitute a competing product that consumers can use in place of another
complement product other used with another product
demand elasticity measures of responsiveness relating change in inequality demanded to a change in the price
supply the amount of good and services that producers are able and willing to sell at various prices during a specified time period
law of supply the princple that suppliers will normally offer more sale of higher prices and less at lower prices
supply schedule table showing quantities supplied at different possible prices
supply curve upward sloping line that graphically show the quantities supplied at each possible price
profit the money a business receives for its product ans services over and above its price
market supply the total of all supply schedule of all business that provide the same goods or services
productively the degree in which resources are being used effectively to produce goods and services
technology the method or process used to make goods and services
subsidy a government payment to an individual business or group in exchange for certain actions
supply elasticity responsive of quantity supplied to change the price
surplus situations in which quantity supplied is greater than quantity demanded situtation in which the goverment spend less than it collects in the nevenues
shortage situations in which quantity demanded is greater than quantity supplied
equilibrium the philosophy or spirit of equality
price celling price that you can change for goods and services set by the government `
price floor minimum price that can be changed for goods and services set by the government
minimum wage lowest legal wage that can be paid to most us workers
Created by: somonnemclean
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