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15 Cards in this Set
- Front
- Back
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The amount of goods and services that producers are able and willing to sell to sell at various prices during a specific time period
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SUPPLY
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The desire, willingness, and ability to buy a good or service
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DEMAND
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requirements for survival, such as food, clothing, and shelter
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NEEDS
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things we would like to have, such as etertainment, vacations, and items that make life comfortable
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WANTS
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An economic law that states: all things are limited; in order to get something, you always have to give up something else
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LAW OF SCARCITY
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suppliers will normally offer more for a sale at higner prices and less at lower prices
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LAW OF SUPPLY
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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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LAW OF DEMAND
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decreasing satisfaction or usefulness as additional units of a product are aquired
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DIMINISHING MARGINAL UTILITY
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a competing product that consumers can use in place of another
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SUBSTITUTE
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product often used with another product
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COMPLEMENT
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situation in which quantity demanded is greater than quantity supplied
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SHORTAGE
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situation in which quantity supplied is greater than quantity demanded; situation in which goverment spends less than it collects in revenues
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SURPLUS
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take home pay after taxes
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NET SALARY
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salary before taxes
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GROSS SALARY
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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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EQUILIBRIUM POINT
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