Chapter 4 Vocab Word Scramble
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| Term | Definition |
| Supply | The amount of a good or service that producers are willing to sell at various possible prices during a given period. |
| Demand | The amount of a good or service that consumers are willing and able to buy at various prices during a given period. |
| Specialization | The focus of a worker on only one or a few aspects of production in order to improve efficiency. |
| Division of Labor | The division of a complex procedure into small tasks, enabling work to increase output through specialization. |
| Market Equilibrium | The point at which the quantity supplied and quantity demanded for a product are equal at the same price. |
| Shortage | A situation in which the quantity demanded of a good or resource exceeds the quantity supplied. |
| Surplus | A situation in which the quantity supplied of an item and a given price exceeds the quantity demanded. |
| Price Floor | A government regulation that sets a MINIMUM price for a particular good. |
| Price Ceiling | A government regulation that sets a MAXIMUM price for a particular good. |
| Price Elasticity | Measure used in economics to show the responsiveness of the quantity demanded of a good or service to a change in its price. |
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