Chapter 3
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| show | The amount of a good or service that a consumer is willing and able to buy at various possible prices during a given time period
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| show | The principle that, all other factors being equal, consumers will purchase(demand) more of a good at lower prices and less of a good at higher prices
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| Purchasing Power | show 🗑
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| Income Effect | show 🗑
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| show | Consumers' tendency to substitute a lower-priced good for a similar, higher-priced one
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| show | The natural decreases in the utility of a good or service asd more units of it are consumed
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| show | A table that shows the level of demand for a particular item at various prices
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| law of supply | show 🗑
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| profit motive | show 🗑
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| show | the total of materials, labor, and other inputs required in the manufacture of a product
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| supply curve | show 🗑
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| determinant of supply | show 🗑
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| show | a required payment to a local, state, or national government usually made on some regular basis
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| show | the principle that as more of an input (such as labor) is added to a fixed supply of other resources (such as capital), productivity will increase up to a point, after which the marginal product will diminish
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| overhead | show 🗑
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| show | a cost of doing business that changes directly with a change in the level of output, typically rising and dropping as production increases and decreases
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| show | the cost of producing one additional unit of output
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| Demand Curve | show 🗑
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| Determinants of Demand | show 🗑
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| Substitute Goods | show 🗑
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| show | A good that is commonly used in another good and for which demand increases(or decreases) when the demand for the related good increases(or decreases)
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| show | The degree to which changes in the price of a good or service affect quantity demanded
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| market failure | show 🗑
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| show | an effect that an economic activity has on people and businesses that are neither producers nor consumers of the good or service being produced. An externality may be either positive (beneficial) or negative (harmful).
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| show | any good or service that is consumed by all members of a group, regardless of who has paid for it
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| market equilibrium | show 🗑
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| surplus | show 🗑
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| shortage | show 🗑
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| show | a government regulation that sets a maximum price for a particular good
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| price floor | show 🗑
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| show | the lowest hourly wage rate that an employer can legally pay a worker, as established by federal law
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| show | a system by which a government or other institution decides how to distribute a good or service; rationing is usually the result of limited supply
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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