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26 Cards in this Set
- Front
- Back
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Demand
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The desire, willingness, and ability to buy a good or service
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Demand Schedule
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Table showing quantities demanded at different possible prices
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Demand Curve
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Downward-sloping line that graphically shows the quantities demanded at each possible price
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Law of Demand
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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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Market Demand
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The total demand of all consumers for a product or service
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Utility
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The amount of satisfaction one gets from a good or service
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Marginal Utility
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Additional use that is derived from each unit acquired
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Substitute
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A competing product that consumers can use in place of another
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Complement
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Product often used with another product
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Demand Elasticity
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Measure of responsiveness relating change in quantity demanded to a change in price
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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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Law of Supply
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Suppliers normally offer more for sale at a higher price and less at lower prices
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Supply Schedule
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Table showing quantities supplied at different price.
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Supply Curve
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Upward-sloping line that graphically shows the quantities supplied at each possible price
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Profit
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The money a business receives for its products or services over and above its costs
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Market Supply
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The total of the supply schedules of businesses that provide the same good or service
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Productivity
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The degree to which resources are being used efficiently to produce goods and services
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Technology
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The methods or processes used to make goods and services
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Subsidy
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A government payment to an individual, business, or group in exchange for certain actions
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Supply Elasticity
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Responsiveness of quantity supplied to a change in price
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Surplus
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Situation in which quantity supplied is greater than quantity demanded
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Shortage
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Situation in which quantity demanded is greater than quantity supplied
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Equilibrium Price
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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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Price Ceiling
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Maximum price that can be charged for goods and services, set by the government
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Price Floor
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Minimum price that can be charged for goods and services, set by the government
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Minimum Wage
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Lowest legal wage that can be paid to most U.S. workers
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