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Chapter 21

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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

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