Identifying ideas
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| Demand | the amount of a good or service that consumers are willing and abled to buy at various prices during a given period
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| Law of demand | the principle, that all other factors being equal, consumers will purchase more of a good at lower prices and less of a good at higher prices
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| purchasing power | amount of income that people have available to spend on goods and services
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| income effect | the effect that a change in an items price has on consumers ability to purchase goods
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| substitution effect | consumers tendancy to substitute a lower price good for a similar higher priced one
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| deminishing marginal utility | natural decreases in the utility of a good or service as more units of it are consumed
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| demand schedule | a table that shows the level of demand for a paricular item at various prices
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| demand curve | a way to show the relationship between the price of a product and the quantity of demand
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| determinants of demand | non price factor that influences the amount of demand for a good or service
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| substitute goods | product that purchasers are in place of another product, particularly if the price of the other product 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 the price of a good or service effect quality of demand
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| Law of supply | producers supply more good and services when they can sell them at higher prices and fewer goods and services when they must sell them at lower prices
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| profit motive | the desire to make money
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| cost of production | total costs of materials labor and other imputs required in the manufactur of a product
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| supply curve | a way to show a relationship between a prices of a good or service or the quantity of supply
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| determinant of supply | non price factor that influences the available supply of a good or service
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| tax | a required payment to a local, state, national government, usually made on some regular basis
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| law of diminishing returns | the effect that varrying the level of an input has on total and marginal product
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| overhead | the sum of a businesses fixed cost except for wages and the material cost
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| variable cost | cost of doing business that changes directly with a change in the level of output, tipically riseing and dropping as production increases and decreases
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| marginal cost | the cost of producing one additional unti of output
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| Market failure | a flaw in a price system that occurs when soome cost have not been accounted for and therefore are not properly distributed
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| externality | production of goods resulting for people not directly connected with the production or consumptionof the goods
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| public goods | any good or service that is consumed by all members of a group,regardless of who has helped pay for it
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| market equalibrium | point at which the quantity supplied and quantity demanded for a product are equal at the same price
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| surplus | situation in which the quantity supplied of an item and a given price exceeds the quantity demanded
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| shortage | situation in which the quantity demamnded of a good or resource exceeds the quantity supplied
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| price ceiling | government regulation that sets a max price for a particular good
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| price floor | government regulation that sets min price for particular good
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| minimum wage | lowest hourly wage rate that an employer legally can pay a worker,as established by a ferderal law
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| rationing | system by which a government or other institution decides how to distribute a good or service
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