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Chapter 21
| Term | Definition |
|---|---|
| Demand | The desire, willingness, and ability to buy a good or service |
| Demand Schedule | Table showing quantities demanded at different possible prices |
| Demand Curve | Downward-sloping line that graphically shows the quantities demanded at each possible 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 |
| Substitute | A competing product that consumers can use in place of another |
| Complement | Product often used with another product |
| Demand Elasticity | Measures 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 Schedule | 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 business receives for its products or services over and above its costs |
| Market Supply | The total 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 | 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 |
| 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 |
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