Economics Final Review 101 Unit 2

a graphic representation of a demand schedule

inferior good

a sudden lack of goods

a price ceiling placed on the amount people pay for housing

the smallest amount , by law, that can be paid to a worker for an hour of abor

supply of a nonperishable good is greater than the consumer wants to buy

a measure of the way a quantity supplied reacts to a change in price

the financial and opportunity costs consumers pay when looking for a good or service

what is it called when the government uses some tools other than money to allocate goods

a good that consumers will demand more when their income increases

the cost of producing one more unit of good

a good that replaces another demanded good

ceteris paribus is an assumption that has which effect on the demand schedule

a government payment that supports a business or market

the tendency of suppliers to offer more of a good at a high price

a chart that lists how much of a good all suppliers will offer at different prices

when buyers will purchase exactly as much as sellers are willing to sell

determines how to change in prices will affect total revenue for a company

a good that is always used with another good

a payment tot he government on the production or sale of a good

a maximum amount that can be legally charged for a good or service

the effect of import restrictions on prices

a measure of how people change their buying patterns when prices change

when quantity supplied is more that the quantity demanded

a level of production in which the marginal production decreases with new investments

the change in output from hiring one additional unit of labor

when quantity supplied and quantity demanded are not the same in a market

a chart that lists how much of a good a supplier will offer at various prices

the amount of money a company receives by selling goods and services

future prices related to current demand

kind of system is the United States based on

the way that s change in price determines whether or not consumers buy goods

determines the price and the quantity produced of most goods

consumers is able and willing to buy goods and services

situation in which quantity demanded is greater than quantity supplied

the additional income from selling one more unit of a good