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| The apportionment of resources among firms and industries to obtain the production of the products most wanted by society (consumers) the output of each product at which its marginal cost and price or marginal benefit are equal, and at which the sum of consumer surplus and producer surplus is maximized. |
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| 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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| change in quantity demanded |
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| 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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| change in quantity supplied |
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| 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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| 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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| Products and services that are used together. When the price of one falls, the demand for the other increases (and conversely). |
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| demand or demand schedule |
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| 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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A curve illustrating demand
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| Factors other than price that determine the quantities demanded of a good or service. |
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| Factors other than price that determine the quantities supplied of a good or service. |
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| diminishing marginal utility |
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| The principle that as successive increments of a variable resource are added to a fixed resource, the marginal product of the variable resource will eventually decrease. |
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