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marginal utility

additional satisfaction

demand

the desire, willingness, and ability to buy a good or service

demand schedule

table that lists the various quantities of a product or service that someone is willing to buy over a range of prices

demand curve

graph that shows the amount of a product that would be bought at all possible prices in the market

law of demand

quantity demanded and price move in opposite directions

market demand

the total demand of all consumers for their product or service

utility

the pleasure, usefulness, or satisfaction we get from using a product

supply-side economics

government should cut taxes on business to improve productivity

trickle-down effect

increased productivity increases jobs for others and trickles down to lower class people

substitutes

consumers can use one thing in place of another

complements

products that are used together

demand elasticity

the extent to which a change in price causes a change in the quantity demanded

inelastic demand

price changes have little effect on the quantity demanded

supply

the various quantities of a good or service that producers are willing to sell at all possible market prices

law of supply

the principle that suppliers will normally offer more for sale at higher prices and less at lower prices

supply schedule

a numerical chart that illustrates the law of supply

price floor

government minimum price that can be charged for goods or services (surplus)

price ceiling

maximum price set by the government (shortage)

technology

refers to the methods or processes used to make goods and services

productivity

the degree to which resources are being used efficiently to produce goods and services

equilibrium price

achieving balance between supply and demand

surplus

amount by which the quantity supplied is higher than quantity demanded

shortage

amount by which the quantity demanded is higher than the quantity supplied

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