Economics ch 4

the relationship between a good's price and the amount that people are willing to buy

the relationship between a good's price and the amount that producers are willing to provide for consumers

value that is directly related to the benefits their owners receive through their use

what a particular good is worth in exchange for some other good

the amount of money that a buyer pays the seller for a particular item

prices at which goods can be sold in an open market with many potential sellers and buyers

as one's supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease

the amount of satisfaction that results from a one unit increase of a product

the total amount of satisfaction received from possessing a particular amount of a good

what effect says that when the price of goods rises, it affects a consumer as if his income were reduced

a list of numbers that compare quantity demanded with price

"Other things remaining equal, as the price of a good increases, the quantity demanded decreases in a free market economy"

other things remaining equal, as the price of a good increases, the quantity supplied also increases in a free market economy

a list of numbers that compares price with quantity supplied

a graphic representation of the quantity of goods supplied at different prices

the situation in which the quantity demanded exceeds the quantity supplied at a given price

the quantity supplied of a good is greater than the quantity demanded at a given price

the point at which quantity demanded and quantity supplied are equal

when government place a limit on how high a producer may charge for his product

price levels set above the equilibrium prices

when governments try to encourage production by giving money

the reason that a person is willing to trade certain goods

the diminishing of the value of goods that is caused by wear and time

the excess of the total revenue paid by buyers for goods over the seller's total expense of producing those goods

the value of the best alternative that is foregone when a different alternative is taken

what it would cost people who run their own establishments to hire managers to run the businesses for them

the total value of a business minus any liabilities