chapter 4 and 5 voca
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| Demand | consumers are willing and able to buy a good or service
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| law of demand | increase in a goods price causes a decrease in the quantity demanded
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| purchasing power | the amount of money or income that people have available to spend on goods or services
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| income effect | any increase or decrease in consumer's purchasing power caused by change in price
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| substitution effect | the tendency of consumers to sustitute a similar, lowered price product for another product that is relatively more expensive
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| diminsihing marginal utility | as more units of a product are consumed, the satisfication recieved from consuming each additional unit declines
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| demand schedule | shows the relationship between the price of a good or service and the quantity that consumers demand
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| demand curve | plots the relationship between the price of a product and the quantity demanded
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| determinants of demand | 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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| substitute goods | goods that can be used to replace the purchase of similar goods when prise rises
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| complementary goods | goods that are commonly used with other goods
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| Elasticity of demand | the degree to which changes in goods price affect the quantity demanded by consumers
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| law of supply | 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 | the desire to make money
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| cost of production | the total cost of materials, labor, and other inputs required in the manufacture of a product
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| supply curve | a graphic representation of a supply schedule, showing the relationship between the price of an item and the quantity supplied during a given time period, with all other things being equal
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| determinant of supply | a nonprice factor that influences the available supply of a good or service
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| tax | a required payment to a local, state, or national gov. usually made on some regular basis
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| law of deminishing returns | the priniciple that as more of one 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 | the sum of a buisness's fixed costs except for wages and the material costs
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| variable costs | a cost of doing buisness that changes directly with a change in the level of output, typincally rising and dropping as production increases and decreases
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| marginal costs | the costs of producing one additional unit of output
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| market failure | 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 | an effect that an economic activity has on people and buisnesses that are niether producers nor consumers of the good or service being produced. Can either be positive or negative
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| public good | 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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| market equilibrium | the point at which the quantity supplied and quantity demanded for a product are equal at the same prices
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| surplus | a situation in which the quantity supplied of an item at a given price exceeds the quantity demanded
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| shortage | a situation in which the quantity demanded of a good or resource exceeds the quantity supplied
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| price ceiling | a gov. regulation that sets a max. price for a particular good
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| price floor | a gov regulation that sets a min. price for a particular good
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| minumun wage | the lowest hourly rate that an employer legally can pay a worker, as established by federal law
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| rationing | 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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