Chapter 20 & 21

the desire, willingness, and ability to buy a good or service

a table showing quantities demanded at different possible prices

a downward-sloping line that graphically shows the quantities demanded at each possible price

the concept that people are normally winlling to buy less of a product if the price is high and more of the product if the price is low

the total demand of all consumers fro a product or service

the amount of satisfaction one gets from a good or service

decreasing satisfaction or usefulness as additional units of a product are acuired

a competing product that consumers can use in place of another

a product often used with another product

the measure of responsiveness relating to change in quantity demanded to a change in price

the amount of goods and services tha tproducers are able and willing to sell at various prices during a specified time period

suppliers will normally offer more for sale at higher prices adn less at lower prices

a table showing quantities supplied at different possible prices

upward-sloping line that graphically shows the quantities supplied at each possible price

the money a business receives for its products or services over and above its costs

the total of the supply schedules of businesses that provide the same good or service

the degree to which resources are being used efficiently to produce goods and services

the methods or processes used to make goods and services

a government payment to an individual, business or group in exchange for certain actions

responsiveness of quantity supplied to a change in price

situation in which quantity demanded is greater than quantity supplied

• situation in which quantity supplied is greater than quantity demanded
• situation in which government spends less than it collects in revenues

the price at which the amount porducers are willing to supply is equal to the amount consumers are willing to buy