Term
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Definition
| A schedule showing the amounts of a good or service that buyers wish to purchase at various prices during some time period |
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Term
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Definition
| A schedule showing the amounts of a good or service that buyers wish to purchase at various prices during some time period |
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Term
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Definition
| The principle that, other things equal, an increase in a product's price will reduce the quantity of it demanded, and conversly for a decrease in price |
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Term
| Diminishing Marginal Utility |
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Definition
| A buyer derives less and less satisfaction from each successive unit of a product consumed in a specific period of time. |
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Definition
| A change in the quantity demanded of a product that results from the change in real income caused by a change in the product's price. |
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Term
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Definition
| (1) A change in the quantity demanded of a consumer good that results from a change in its relative expensiveness caused by a change in the product's price; (2) the effect of a change in the price of a resource on the quantity of the resource employed by a firm, assuming no change in its output. |
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Term
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Definition
| A curve illustrating demand. |
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Term
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Definition
| Factors other than price that determine the quantities demanded of a good or service. |
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Definition
| A good or service whose consumption increases when income increases and falls wehn income decreases, price remaining constant. |
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Term
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Definition
| A good or service whose consumption declines as income rises (and conversely), price remaining constant. |
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Term
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Definition
| Products or services that can be used in place of each other. When the price of one falls, the demand for the other product falls; conversely, when the price of one product rises, the demand for the other product rises |
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Term
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Definition
| Products and services that are used together. When the price of one falls, the demand for the other incresases (and conversely). |
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Term
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Definition
| A change in the quantity demanded of a good or service at every price; a shift of the demand curve to the left or right |
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Term
| Change in Quantity Demanded |
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Definition
| A change in the amount of a product that consumers are willing and able to purchase because of a change in the product's price. |
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Term
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Definition
| A schedule showing the amounts of a good or service that sellers will offer at various prices during some period. |
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Term
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Definition
| A schedule showing the amounts of a good or service that sellers will offer at various prices during some period. |
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Term
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Definition
| The principle that, other things equal, an increase in the price of a product will increase the quantity of it supplied, and conversely the for the price decreased. |
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Term
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Definition
| A curve illustrating supply. |
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Term
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Definition
| Factors otyher than price that determine the quantities suppolied of a good or service. |
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Term
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Definition
| A change in the quantity supplied of a good or service at every price; a shift of the supply curve to the left or right. |
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Term
| Change in Quantity Supplied |
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Definition
| A change in the amount of a product that producers offer for sale because of a change in the product's price. |
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Term
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Definition
| The price in a competitive market at which the quantity demanded and the attainable supplied are equal, there is neither a shortage nor surplus, and there is no tendency for price to rise or fall. |
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Term
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Definition
| (1) The quantity demanded and supplied at the equilibrium price in a competitive market; (2) the profit-maximizing output of a firm |
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Definition
| The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific price. |
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Term
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Definition
| The amount by which the quantity demanded of a product exceeds the quantity supplied at a particular price. |
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Term
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Definition
| The production of a good in the least costly way; occurs when production takes place at the output at which average total cost is a minimum and marginal product per dollar's worth of input is the same for all inputs |
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Term
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Definition
| The apportionment of resources among firms and industries to obtain the production of the products most wanted by society; the output of each product at which its marginal cost and price or marginal benefit are equal. |
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Term
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Definition
| A legally established maximum for a good or service |
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Term
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Definition
| A legally determined minimum price above the equilibrium price. |
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