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Unit 2 - Supply & Demand - TMHS
Chapters 4 - 6
24
Economics
12th Grade
01/28/2012

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Term
46. supply
Definition
The amount of goods available
Term
47. demand
Definition
The desire to own something and the ability to pay for it
Term
48. variable
Definition
A factor that can change
Term
49. supply curve
Definition
A graph of the quantity supplied of a good at different prices
Term
50. demand curve
Definition
A graphic representation of a demand schedule
Term
51. complements
Definition
Two goods that are bought and used together
Term
52. substitutes
Definition
Goods used in place of each other
Term
53. elasticity of demand
Definition
A measure of how consumers react to change in price
Term
54. marginal product of labor
Definition
The change in output from hiring one additional unit of labor
Term
55. subsidy
Definition
A government payment that supports a business or market
Term
56. excise tax
Definition
A tax on the production or sale of a good
Term
57. regulation
Definition
Government intervention in a market that affects the production of a good
Term
58. equilibrium
Definition
The point at which quantity demanded and quantity supplied are equal
Term
59. excess supply
Definition
When quantity supplied is more than quantity demanded
Term
60. excess demand
Definition
When quantity demanded is more than quantity supplied
Term
61. surplus
Definition
Situation in which quantity supplied is greater than quantity demanded; excess supply
Term
62. shortage
Definition
A situation in which a good or service is unavailable, or a situation in which the quantity demanded is greater than the quantity supplied; excess demand
Term
63. supply shock
Definition
A sudden shortage of a good
Term
64. rationing
Definition
A system of allocating scarce goods and services using criteria other than price
Term
65. black market
Definition
A market in which goods are sold illegally
Term
66. ceteris paribus
Definition
all other things held constant
Term
67. fixed cost
Definition
A cost that does not change, no matter how much of a good is produced
Term
68. variable cost
Definition
A cost that rises or falls depending on how much is produced
Term
69. marginal cost
Definition
The cost of producing on more unit of a good
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