Civics and Economics Vocabulary

Chapter 21 - Section OneDemand- the desire, willingness, and ability to buy a good or serviceSimilarity/Difference:Sentence:

Demand Schedule- a table that lists the various quantities of a product or service that someone is willing to buy over a range of pricesSimilarity/Difference:Sentence:

Demand Curve- a graph that shows the amount of a product that would be bought at all possible prices in the marketSimilarity/Difference:Sentence:

Law of Demand- quantity demanded and price move in opposite directionsSimilarity/Difference:Sentence:

Market Demand- the total demand of all consumers for their product or serviceSimilarity/Difference:Sentence:

Utility- the pleasure, usefulness, or satisfaction we get from using the productSimilarity/Difference:Sentence:

Marginal Utility- additional satisfactionSimilarity/Difference:Sentence:

Chapter 21 - Section TwoSubstitute- Competing productsSimilarity/Difference:Sentence:

Complement- products used togetherSimilarity/Difference:Sentence:

Demand Elasticity- the extent to which a change in price causes a change in the quantity demandedSimilarity/Difference:Sentence:

Tara Pawlyk Friday, May 17, 2013 8:20:17 AM ET 04:0c:ce:d3:10:88

Chapter 21 - Section ThreeSupply- the various quantities of a good or service that producers are willing to sell at all possible market pricesSimilarity/Difference:Sentence:

Law of Supply- the principle that suppliers will normally offer more for sale at higher prices and less at lower pricesSimilarity/Difference:Sentence:

Supply Schedule- A numerical chart that illustrates the law of supplySimilarity/Difference:Sentence:

Supply Curve- a graph that shows the amount of a product that would be supplied at all possible prices in the marketSimilarity/Difference:Sentence:

Profit- the money a business receives for its products or services over and above its costsSimilarity/Difference:Sentence:

Market Supply- combination of the supply schedules of all the businesses that provide the same good or serviceSimilarity/Difference:Sentence:

Productivity- how productive workers areSimilarity/Difference:Sentence:

Technology- the methods, or processes, used to make goods and servicesSimilarity/Difference:Sentence:

Subsidy-a government payment to an individual, business, or other group for certain actionsSimilarity/Difference:Sentence:

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 FourSurplus- amount by which the quantity supplied is higher than the quantity demandedSimilarity/Difference:Sentence:

Shortage- the amount by which the quantity demanded is higher than the quantity suppliedSimilarity/Difference:Sentence:

Equilibrium Price- neither a surplus nor a shortageSimilarity/Difference:Sentence:

Price Ceiling- a maximum price set by the government that can be charged for goods and servicesSimilarity/Difference:Sentence:

Price Floor- a government minimum price that can be charged for goods and servicesSimilarity/Difference:Sentence:

Minimum Wage- lowest legal wage that can be paid to most workersSimilarity/Difference:Sentence:

Tara Pawlyk Friday, May 17, 2013 8:20:17 AM ET 04:0c:ce:d3:10:88