chapter 4 and 5 voca
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Demand | show 🗑
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| law of demand | show 🗑
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| show | the amount of money or income that people have available to spend on goods or services
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| show | any increase or decrease in consumer's purchasing power caused by change in price
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| substitution effect | show 🗑
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| show | as more units of a product are consumed, the satisfication recieved from consuming each additional unit declines
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| demand schedule | show 🗑
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| demand curve | show 🗑
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| show | A shift in either the D2 or D3 curve means that a different quantity of car stereos is demanded at each and every price
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| show | goods that can be used to replace the purchase of similar goods when prise rises
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| complementary goods | show 🗑
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| Elasticity of demand | show 🗑
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| show | the principle that producers will supple more of a product or service at higher prices but less of a product or service at lower prices
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| profit motive | show 🗑
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| show | the total cost 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 gov. usually made on some regular basis
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| law of deminishing returns | show 🗑
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| show | the sum of a buisness's fixed costs except for wages and the material costs
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| variable costs | show 🗑
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| marginal costs | show 🗑
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| show | a flaw in a price system that occurs when some costs have not been accounted for and therefore are not properly distributed
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| externality | show 🗑
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| show | any good or service that is consumed by all members of a group, regardless of who has helped to pay for it
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| show | the point at which the quantity supplied and quantity demanded for a product are equal at the same prices
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| show | a situation in which the quantity supplied of an item at a given price exceeds the quantity demanded
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| show | a situation in which the quantity demanded of a good or resource exceeds the quantity supplied
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| show | a gov. regulation that sets a max. price for a particular good
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| price floor | show 🗑
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| minumun wage | show 🗑
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| show | a system by which a gov. or other institution decides how to distribute a good or service; rationing is usually the result of limited supply
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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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