Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Chapter 21


Published on

  • Be the first to comment

  • Be the first to like this

Chapter 21

  1. 1. Civics and Economics VocabularyChapter 21 - Section OneDemand- the desire, willingness, and ability to buy a good or serviceSimilarity/Difference:Sentence:Demand Schedule- a table that lists the various quantities of a product or service thatsomeone is willing to buy over a range of pricesSimilarity/Difference:Sentence:Demand Curve- a graph that shows the amount of a product that would be bought at allpossible prices in the marketSimilarity/Difference:Sentence:Law of Demand- quantity demanded and price move in opposite directionsSimilarity/Difference:Sentence:Market Demand- the total demand of all consumers for their product or serviceSimilarity/Difference:Sentence:Utility- the pleasure, usefulness, or satisfaction we get from using the productSimilarity/Difference:Sentence:Marginal Utility- additional satisfactionSimilarity/Difference:Sentence:Chapter 21 - Section TwoSubstitute- Competing productsSimilarity/Difference:Sentence:Complement- products used togetherSimilarity/Difference:Sentence:Demand Elasticity- the extent to which a change in price causes a change in thequantity demandedSimilarity/Difference:Sentence:Tara Pawlyk Friday, May 17, 2013 8:20:17 AM ET 04:0c:ce:d3:10:88
  2. 2. Chapter 21 - Section ThreeSupply- the various quantities of a good or service that producers are willing to sell at allpossible market pricesSimilarity/Difference:Sentence:Law of Supply- the principle that suppliers will normally offer more for sale at higherprices and less at lower pricesSimilarity/Difference:Sentence:Supply Schedule- A numerical chart that illustrates the law of supplySimilarity/Difference:Sentence:Supply Curve- a graph that shows the amount of a product that would be supplied at allpossible prices in the marketSimilarity/Difference:Sentence:Profit- the money a business receives for its products or services over and above itscostsSimilarity/Difference:Sentence:Market Supply- combination of the supply schedules of all the businesses that providethe same good or serviceSimilarity/Difference:Sentence:Productivity- how productive workers areSimilarity/Difference:Sentence:Technology- the methods, or processes, used to make goods and servicesSimilarity/Difference:Sentence:Subsidy-a government payment to an individual, business, or other group for certainactionsSimilarity/Difference:Sentence:Supply Elasticity-a measure of how the quantity supplied of a good or service changesin response to changes in priceTara Pawlyk Friday, May 17, 2013 8:20:17 AM ET 04:0c:ce:d3:10:88
  3. 3. Similarity/Difference:Sentence:Chapter 21 - Section FourSurplus- amount by which the quantity supplied is higher than the quantity demandedSimilarity/Difference:Sentence:Shortage- the amount by which the quantity demanded is higher than the quantitysuppliedSimilarity/Difference:Sentence:Equilibrium Price- neither a surplus nor a shortageSimilarity/Difference:Sentence:Price Ceiling- a maximum price set by the government that can be charged for goodsand servicesSimilarity/Difference:Sentence:Price Floor- a government minimum price that can be charged for goods and servicesSimilarity/Difference:Sentence:Minimum Wage- lowest legal wage that can be paid to most workersSimilarity/Difference:Sentence:Tara Pawlyk Friday, May 17, 2013 8:20:17 AM ET 04:0c:ce:d3:10:88