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17 Cards in this Set
- Front
- Back
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Define the key term SUPPLY.
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the amount of goods and services that producers are able and willing to sell at various prices during a specified time period
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Define the key term DEMAND.
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the desire, willingness, and ability to buy a good or service
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Define the key term NEED.
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requirements for survival, such as food, clothing, and shelter
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Define the key term WANT.
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things we would like to have, such as entertainment, vacations, and items that make life comfortable and enjoyable
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Define the LAW OF SUPPLY.
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suppliers will normally offer more for sale at higher prices and less at lower prices
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Define the LAW OF DEMAND.
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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
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Define DIMINISHING MARGINAL UTILITY.
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decreasing satisfaction or usefuloness as additional units of a product are acquired
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Define SUBSTITUTES.
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a competing product that consumers can use in place of another
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Define COMPLEMENTS.
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product often used with another product
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Define SHORTAGE.
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situation in which quantity demanded is greater than quantity supplied
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Define SURPLUS.
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situation in which quantity supplied is greater than quantity demanded; situation in which government spends less than it collects in revenues
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Define NET SALARY.
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net salary is the salary after deductions
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Define the EQUILIBRIUM POINT.
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the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy
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Define the FACTORS OF PRODUCTION
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resources necessary to produce goods and services (land, labor, capital, entrepreneurs)
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Define GROSS SALARY.
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gross salary is the salary before any deductions
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Define the LAW OF SCARCITY.
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All things are limited. In order to get something, you must give something up.
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Define the LAW OF SCARCITY.
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All things are limited. In order to get something, you must give something up.
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