Terms : Hide Images
| 1702121347 | Demand | A schedule or curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specified period of time | 0 | |
| 1702121348 | Demand Schedule | A representation of demand in table form | 1 | |
| 1702121349 | Law of Demand | As price falls, the quantity demanded rises, and as price rises, the quantity demanded falls | 2 | |
| 1702121350 | Diminishing Marginal Utility | In any specific time period, each buyer of a product will derive less satisfaction (or benefit, or utility) from each successive unit of the product consumed | 3 | |
| 1702121351 | Income Effect | A lower price increases the purchasing power of a buyer's money income, enabling the buyer to purchase more of the product than before | 4 | |
| 1702121352 | Substitution Effect | At a lower price buyers have the incentive to substitute what is now a less expensive product for similar products for similar products that are now relatively more expensive | 5 | |
| 1702121353 | Demand Curve | A curve representing data on a demand schedule, has a downward slope | 6 | |
| 1702121354 | Determinants of Demand | Consumers' tastes, the number of buyers in the market, consumers' incomes, the prices of related goods, and consumer expectations | 7 | |
| 1702121355 | Normal Goods | Products whose demand varies directly with money income (superior goods) | 8 | |
| 1702121356 | Inferior Goods | Goods whose demand varies inversely with money income | 9 | |
| 1702121357 | Substitute Good | A good that can be used in place of another good | 10 | |
| 1702121358 | Complementary Good | A good that is used together with another good | 11 | |
| 1702121359 | Change in Demand | A shift of the demand curve to the right (increase in demand) or to the left (decrease in demand) | 12 | |
| 1702121360 | Change in Quantity Demanded | A movement from one point to another point - from one price-quantity combination to another- on a fixed demand schedule or demand curve | 13 | |
| 1702121361 | Supply | Schedule or curve showing the varoius amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specific period | 14 | |
| 1702121362 | Supply Schedule | Table shwoing the quantities of a product that will be supplied at various prices, other things equal | 15 | |
| 1702121363 | Law of Supply | As price rises, the quantity supplies rises; as price falls the quantity supplied falls | 16 | |
| 1702121364 | Supply Curve | Graphical representation of a supply schedule, has an upward slope | 17 | |
| 1702121365 | Determinants of Supply | Resource prices, technology, taxes and subsidies, prices of other goods, producer expectations, and the numer of sellers in the market | 18 | |
| 1702121366 | Change in Supply | An increase in supply shifts the curve to the right; a decrease in supply shifts it to the left | 19 | |
| 1702121367 | Change in Quantity Supplied | A movement from one point to another on a fixed supply curve. The cause of such a movement is a change in the price of the specific product being considered. | 20 | |
| 1702121368 | Equilibrium Price | The price where the intentions of buyers and seller match. | 21 | |
| 1702121369 | Equilibrium Quantity | The quantity demanded and quantity supplied at the equilibrium price in a competitive market | 22 | |
| 1702121370 | Surplus | Excess supply | 23 | |
| 1702121371 | Shortage | Excess demand | 24 | |
| 1702121372 | Productive Efficiency | The production of any particular good in the least costly way | 25 | |
| 1702121373 | Allocative Efficiency | The particular mix of goods and services most highly valued by society (minimum cost production assumed). | 26 | |
| 1702121374 | Price Ceiling | Sets the maximum legal price a seller may charge for a product or service | 27 | |
| 1702121375 | Price Floor | A minimum price fixed by the government | 28 |
