chapters 3 4 5 Word Scramble
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| Term | Definition |
| Demand | The amount of a good or service that consumers are willing and able to buy at verious prices during a given period. |
| Law of Demand | The princable that all factors being equal, consumers will perchase more of a good at lower prices and less of a good at higher prices. |
| Purchasing power | The amount of income that people have available to spend on goods and serveces. |
| Income effect | The effect that a change in an items price has on consumers ability to purchase goods. |
| Substitution effect | Consumers tendency to sdubstitute a lower price good for a higher similar priced one. |
| Deminishing Marginal utility | The natural decreses in the utility of a good or service as more units of it are consumed. |
| Demand schedual | a table that shows the level of demand for a particular item at various prices. |
| Demand curve | A graphic representation of a demand schedual, showing the relationship between the price of an item and the quality demanded during a given period. |
| Determins of Demand | A non price factor that influences the amount of demand for a good or service. |
| Substitute good | A product that purchasers us in a place of another product particularly if the price of the other product rises. |
| Complimentery goods | A good that is comonly used with another good and for wich demand increases or decreases when the related good increases. |
| Elasticity of demand | The degree to which changes in the price of a good or service. |
| Law of Supply | The pricable that producrs will supply more of a product or a service at higher prices but less of a product or service at lower prices. |
| Profit Modive | The desire to make money. |
| Cost of production | The total cost of materials, labor and other inputs required in the manufacture of a product. |
| Supply curve | A graphic representation of a supply schedual showing the relationship between a price of an item and the quality supplied during a given time period. |
| Determent of supply | A non price factor that influences the available supply for a good or survace. |
| Tax | A required payment to a local state or national government usualy made on some regular basis. |
| Law of deminitiong returns | THe princable thast as more of one input is added to a fix supply of other resources productivity will increase to a point after which the marginal product will deminish. |
| Overhead | The sum of a buisneses fix cost except for wages and the material cost. |
| Variable cost | A cost of doing buisness tht changes directly with a change in the level of output. |
| Marginal cost | The cost of producing one additional unit of output. |
| Market Failure | A flaw in a price system that ocures when some cost have not been acounted for and ther for are not properly distributed externaly. |
| Externaly | An effect that an economy activity has on people and buisneses that are neither producers or consumers of the good of servece that are neither produced. |
| Publice good | Any good or service that is consumed by all members of a group. |
| Market Equalibrium | The point at which the quality supplied and quantity demanded for a product are equal at the same price. |
| Surplus | A situation in which the quantity supplied of an item at a given price exceeds the quantity demanded. |
| Shortage | a situation in which the quantity demanded of a good or resource exceeds quantity suply. |
| Price celing | A government regulation that sets a maximum price for a particular good. |
| price floor | A government regulation that sets a minumun price for a particular good. |
| Minimum wage | The lowest hourly wage rate that an employer legaly can pay a worker. |
| Rationing | A system by which a government or other institution decides how to destibut a good or service. |
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