Set: Demand and Supply Chapter 3 unit 1
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All 31 Terms
| | Term | Definition |
|---|---|---|
| |
market | Any place where people come together to buy and sell goods or services |
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good | A tangible item that gives a person utility or satisfaction. |
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service | An intangible item that gives a person utility or satisfaction |
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demand | The willingness and ability of buyers to purchase a good or service |
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law of demand | Law stating that as the price of a good increases, the quantity demanded of the good decreases, and as the price of a good decreases, the quantity demanded of the good increases |
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law of diminishing marginal utility | law stating that as a person consumes additional units of a good, eventually the utility gained from each additional unit of the good decreases |
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inverse relationship | a relationship between two factors in which the factors move in opposite directions. for example, as the price of a good increases, the quantity demanded of a good increases |
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demand schedule | a table showing quantities of good demanded at varying prices |
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demand curve | the graphical representation of the law of demand. it is a graph showing the amount of a good buyers are willing and able to buy at various places |
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normal good | a good the demand for which rise as income rises and falls as income falls |
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inferior good | a good the demand for which falls as income rises and rises as income falls |
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neutral good | a good the demand for which remains unchanged as income rises or falls |
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substitutes | similar goods. which _____________, the price of one and the demand for the other move in the same direction. |
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complements | goods that are consumed jointly. with complements, the price of one and the demand for the other move in opposite directinos |
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elasticity of demand | the relationship between the percentage change in quantity demanded and the percentage change in price |
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elastic demand | the percentage change in quantity demanded is greater than the percentage change in price |
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inelastic demand | the percentage change in quantity demanded is less than the percentage change in price. |
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unit-elastic demand | the percentage change in quantity demanded is the same as the percentage change in price |
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supply | the willingness and ability of sellers to produce and offer to sell a good or supply |
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law of supply | law stating that as the price of a good increases, the quantity supplied of the good increases, and as the price of a good decreases, the quantity supplied of the good decreases. |
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direct relationship | a relationship betweent wo factors in which the factors move in the same direction. for example, as one rises, the other rises,too. |
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quantity supplied | the number of units of a good produced and offered for sale at a specific price |
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supply curve | a graph showing the amount of a good seller are willing and able to sell at various priced. Only the upward-sloping _______ ________ is a graphical representation of the law of supply |
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technology | the body of skills and knowledge concerning the use of resources in production |
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advancement in technology | the ability to produce more output with a fixed amount of resources |
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per-unit cost | the average cost of a good |
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quota | a legal limit on the number of units of a foreign produced good that can enter a country |
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elasticity of supply | the relationship between the percentage change in quantity supplied and the percentage change in price |
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elastic supply | the percentage change in quantity supplied is greater than the percentage change in the price |
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inelastic supply | the percentage change in quantity supplied is less than the percentage change in price |
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unit-elastic supply | the percentage change in quantity supplied is the same as the percentage change in price |
Set Information
| Terms | 31 |
| Creator | BoneyCheng |
| Created | April 2, 2007 |
| Group | US Government/ Economy |
| Tags | economy, supply, 2007, demand, history, dehart |
| Access | Anyone |
| Edit | Creator Only |
Description
The test on Wednesday.
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BoneyCheng : Changed elastic supply → when supply is elastic, the percentage change in quantity supplied is greater than the percentage change in the price to elastic supply → the percentage change in quantity supplied is greater than the percentage change in the price
BoneyCheng : Changed unit-elastic supply → when supply is unit elastic, the percentage change in quantity supplied is the same as the percentage change in price to unit-elastic supply → the percentage change in quantity supplied is the same as the percentage change in price
BoneyCheng : Changed unit-elastic demand → when demand is unit elastic, the percentage change in quantity demanded is the same as the percentage change in price to unit-elastic demand → the percentage change in quantity demanded is the same as the percentage change in price
BoneyCheng : Changed elastic demand → when demand is elastic, the percentage change in quantity demanded is greater than the percentage change in price to elastic demand → the percentage change in quantity demanded is greater than the percentage change in price
BoneyCheng : Changed inelastic supply → when supply is inelastic, the percentage change in quantity supplied is less than the percentage change in price to inelastic supply → the percentage change in quantity supplied is less than the percentage change in price
BoneyCheng : Changed inelastic demand → when demand is inelastic, the percentage change in quantity demanded is less than the percentage change in price. to inelastic demand → the percentage change in quantity demanded is less than the percentage change in price.
BoneyCheng : Changed supply curve → a graph showing the amount of a good seller are willing and able to sell at various priced. Only the upward-sloping supply curve is a graphical representation of the law of supply to supply curve → a graph showing the amount of a good seller are willing and able to sell at various priced. Only the upward-sloping _______ ________ is a graphical representation of the law of supply
BoneyCheng : Changed substitutes → similar goods. which substitutes, the price of one and the demand for the other move in the same direction. to substitutes → similar goods. which _____________, the price of one and the demand for the other move in the same direction.
Last Message: 18 months ago
Most Missed Words
- law of diminishing marginal utility → law stating that as a person consumes additional units of a good, eventually the utility gained from each additional unit of the good decreases - 3 misses
- demand schedule → a table showing quantities of good demanded at varying prices - 3 misses
- inferior good → a good the demand for which falls as income rises and rises as income falls - 3 misses
- elasticity of demand → the relationship between the percentage change in quantity demanded and the percentage change in price - 3 misses
- unit-elastic demand → the percentage change in quantity demanded is the same as the percentage change in price - 3 misses
- elasticity of supply → the relationship between the percentage change in quantity supplied and the percentage change in price - 3 misses
- unit-elastic supply → the percentage change in quantity supplied is the same as the percentage change in price - 3 misses