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17 Cards in this Set

  • Front
  • Back
supply
amount of goods and services that producers are able and willing to sell at various
demand
the desire, willingness, and ability to buy a good or service
need
requirements for survival
want
the things we would like to have; items that make life more comfortable and enjoyable
law of supply
suppliers will normally offer more for sale at higher prices and less at lower prices
law of demand
the concept that people are normally willing to buy less of a product if the price is high and more of it if the price is low
diminishing marginal utility
decreasing satisfaction or usefulness as additional units of a prodduct are acquired
substitutes
a competing product that comsumers can use in place of another
complements
prlduct often used with another product
shortage
situation in which quantity demanded is greater than quantity supplied
surplus
situaation in which quantity supplied is greater than quantity demanded
equilibrium point(price)
the price at which the amount producers are willing to supply is equal to the amount consumers are will to buy
factors of production
natural resources
capital
labor
entrepreneur
supply elasticity
a measure of how the quantity supplied of a good or service changes in response to changes in price
supply curve
moves right when supply increases
moves left when supply decreases
demand curve
moves right when demand increases
moves left when demand decreases
demand elasticity
extent to which a change in price causes a change in the quantity demanded