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Supply and Demand

question
Demand curve
answer
a graph showing the quantity demanded at each and every price at a given time
question
marginal utility
answer
the extra usefulness or satisfaction a person gets from acquiring or using one more unit of a product
question
microeconomics
answer
the area of economics that deals with behavior and decision making by small units
question
demand
answer
the desire, ability, and willingness to buy a product
question
diminishing marginal utility
answer
the decrease in satisfaction or usefulness received from an extra product
question
elastic
answer
(horizontal) describes demand when a given change in price causes a larger change in the quantity demanded
question
Inelastic
answer
(vertical) describes demand when a given change in price causes a smaller change in the quantity demanded
question
income effect
answer
change in quantity demanded due to a change in the price that alters a consumer's real income
question
change in quantity demanded
answer
illustrated by movement along the demand curve
question
substitutes
answer
products that can be used in place of other products
question
stock
answer
an ownership stake in company
question
complements
answer
products that go together
question
substitution effect
answer
a change in quantity demanded due to a change in the relative price of a product compared to other similar products
question
subsidy
answer
a government payment to an individual, business, or other group to encourage or protect a certain type of economic activity
question
Supply elsaticity
answer
measure of the way in which quantity supplied responds to a change in price
question
supply
answer
the amount of a product that would be offered for sale at all possible prices that could prevail in the market
question
quantity supplied
answer
amount that producers are willing to sell at one given price
question
supply curve
answer
a graph showing the various quantities supplied at each and every price that might prevail in the market
question
fixed cost
answer
the cost that a business incurs even if the plant is idle and output is zero
question
marginal cost
answer
the extra cost when a business produces one additional product
question
marginal revenue
answer
extra money paid to a business when it sells one additional product
question
total revenue
answer
the number of units sold multiplied by the average price per unit
question
variable cost
answer
cost that changes when the business rate of operation or output changes
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question
Demand curve
answer
a graph showing the quantity demanded at each and every price at a given time
question
marginal utility
answer
the extra usefulness or satisfaction a person gets from acquiring or using one more unit of a product
question
microeconomics
answer
the area of economics that deals with behavior and decision making by small units
question
demand
answer
the desire, ability, and willingness to buy a product
question
diminishing marginal utility
answer
the decrease in satisfaction or usefulness received from an extra product
question
elastic
answer
(horizontal) describes demand when a given change in price causes a larger change in the quantity demanded
question
Inelastic
answer
(vertical) describes demand when a given change in price causes a smaller change in the quantity demanded
question
income effect
answer
change in quantity demanded due to a change in the price that alters a consumer's real income
question
change in quantity demanded
answer
illustrated by movement along the demand curve
question
substitutes
answer
products that can be used in place of other products
question
stock
answer
an ownership stake in company
question
complements
answer
products that go together
question
substitution effect
answer
a change in quantity demanded due to a change in the relative price of a product compared to other similar products
question
subsidy
answer
a government payment to an individual, business, or other group to encourage or protect a certain type of economic activity
question
Supply elsaticity
answer
measure of the way in which quantity supplied responds to a change in price
question
supply
answer
the amount of a product that would be offered for sale at all possible prices that could prevail in the market
question
quantity supplied
answer
amount that producers are willing to sell at one given price
question
supply curve
answer
a graph showing the various quantities supplied at each and every price that might prevail in the market
question
fixed cost
answer
the cost that a business incurs even if the plant is idle and output is zero
question
marginal cost
answer
the extra cost when a business produces one additional product
question
marginal revenue
answer
extra money paid to a business when it sells one additional product
question
total revenue
answer
the number of units sold multiplied by the average price per unit
question
variable cost
answer
cost that changes when the business rate of operation or output changes
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