1. Civics and Economics Vocabulary
Chapter 21 - Section One
Demand- the desire, willingness, and ability to buy a good or service
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Demand Schedule- a table that lists the various quantities of a product or service that
someone is willing to buy over a range of prices
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Demand Curve- a graph that shows the amount of a product that would be bought at all
possible prices in the market
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Law of Demand- quantity demanded and price move in opposite directions
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Market Demand- the total demand of all consumers for their product or service
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Utility- the pleasure, usefulness, or satisfaction we get from using the product
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Marginal Utility- additional satisfaction
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Chapter 21 - Section Two
Substitute- Competing products
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Complement- products used together
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Demand Elasticity- the extent to which a change in price causes a change in the
quantity demanded
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Tara Pawlyk Friday, May 17, 2013 8:20:17 AM ET 04:0c:ce:d3:10:88
2. Chapter 21 - Section Three
Supply- the various quantities of a good or service that producers are willing to sell at all
possible market prices
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Law of Supply- the principle that suppliers will normally offer more for sale at higher
prices and less at lower prices
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Supply Schedule- A numerical chart that illustrates the law of supply
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Supply Curve- a graph that shows the amount of a product that would be supplied at all
possible prices in the market
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Profit- the money a business receives for its products or services over and above its
costs
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Market Supply- combination of the supply schedules of all the businesses that provide
the same good or service
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Productivity- how productive workers are
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Technology- the methods, or processes, used to make goods and services
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Subsidy-a government payment to an individual, business, or other group for certain
actions
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Supply Elasticity-a measure of how the quantity supplied of a good or service changes
in response to changes in price
Tara Pawlyk Friday, May 17, 2013 8:20:17 AM ET 04:0c:ce:d3:10:88
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Chapter 21 - Section Four
Surplus- amount by which the quantity supplied is higher than the quantity demanded
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Shortage- the amount by which the quantity demanded is higher than the quantity
supplied
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Equilibrium Price- neither a surplus nor a shortage
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Price Ceiling- a maximum price set by the government that can be charged for goods
and services
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Price Floor- a government minimum price that can be charged for goods and services
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Minimum Wage- lowest legal wage that can be paid to most workers
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Tara Pawlyk Friday, May 17, 2013 8:20:17 AM ET 04:0c:ce:d3:10:88