Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
chapter 21
| Term | Definition |
|---|---|
| demand | the desire,willingness,and ability to buy a good or service |
| demand scheduale | table showing quantities demanded at different possible prices |
| demand curve | downward-sloping line that graphically shows the quantities demanded at each possbile 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 amount of satisfaction one gets from a good or service |
| marginal utility | additional use that is derived from each unit acquired |
| substitutes | a competing product that consumers can use in place of another |
| complements | product often used with another product |
| demand elasticity | measure of responsiveness relating change in quantity demanded to a change in price |
| supply | the amount of goods and services that producers are able and willing to sell at various prices during a specified time period |
| law of supply | the principle that suppliers will normally offer more for sale at higher prices and less at lower prices |
| supply scheduale | table showing quantities supplied at different possible prices |
| supply curve | upward-sloping line that graphically shows the quantities supplied at each possible price |
| profit | the money a business receives for its products or services over and above its costs |
| market supply | the total of all the supply schedules of all the buisnesses that provide the same good or service |
| productivity | the degree to which resources are being used efficiently to produce goods and services |
| technology | the methods 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 | responsiveness of quantity supplied to a change in price |
| surplus | situation in which quantity supplied is greater than quantity demanded; situation in which government spend less than it collects in revenues. |
| shortage | situation in which quantity demanded is greater than quantity supplied |
| equilibrium price | the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy |
| 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 | lowest legal wage that can be paid to most u.s workers |
Created by:
ashlyndowler
Popular History sets