| Term | Definition |
|---|---|
| Demand | The desire willingness and ability to buy a good or service. |
| Demand Schedule | Table showing quantities demanded at different possible price. |
| Demand Curve | Downward-sloping line that graphically shows the quantities demanded to a change in price. |
| Law Of Demand | The concept that people are normally wiling to buy less of a product if the price is high and more of it if the price is low. |
| Market Demand | The total of all the supply schedules of all the consumers for a product or service. |
| Utility | The amount of satisfaction one gets from a good or service. |
| Marginal Utility | Additional use that is derived from each unit acquired. |
| Substitute | A competing product that consumers can use in place of another. |
| Complement | Product often used wit another product. |
| Demand Of Elastcity | Measure of responsiveness relating change in quantity demanded to a change in price. |
| Supply | The amount of goods and services that producers are able and wiling to sell at various prices during a specified time period. |
| Law Of Supply | The principle that suppliers will normally offer more for sale at higher prices and less at lower prices. |
| Supply Schedule | Table showing quantities supplied at different possible prices. |
| Supply Curve | Upward-sloping line that graphically shows the quantities supplied at each possible price. |
| Profit | The money a businesses receives for its products or services over and above its costs. |
| Market Supply | The total of all supply schedules of all the businesses that provide the same good or service. |
| Productivity | The degree to which resources are being used efficiently to produce goods or services. |
| Technology | The methods or processes used to make goods and services. |
| Subsidy | A government payment to an individual business or group in exchange for certain actions. |
| Supply Elasticity | Responsiveness of quantity supplied to a change in price. |
| Surplus | Situation in which quantity supplied is greater than quantity demanded situation in which government spends less than collects. |
| Shortage | Situation in which quantity demanded is greater than supplied. |
| Equilibrium Price | The price at which the amount producers are wiling to supply is equal to the amount consumers are wiling to buy. |
| Price Ceiling | Maximum price that can be charged for goods and services set by government. |
| Price Floor | Minimum price that can be charged for goods and services set by the government. |
| Minimum Wage | Lowest legal wage that can be paid to most us workers. |
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