Economics Unit 2

Measure that shows how change in quantity demanded responds to change in price.

Graph that shows different amounts of a product supplied over a range of possible prices.

Curve that shows the quantities demanded at all possible prices.

Principle that more will be offered for sale at higher prices than at lower prices.

Competing products that can be used in place of one another are called _____.

The lowest legal price that can be paid for a product is called _____.

Price _____ is the highest legal price that can be charged for a product.

Table that lists how much of a product consumers will buy at all possible prices.

_____ would be considered a compliment good.

_____ is where quantity supplied is greater than quantity demanded at a given price.

Amount of a product offered for sale at all possible prices is called _____.

_____ are products that increase the use of other products.

Government payment to encourage or protect a certain economic activity.

_____ are considered to be a substitute goods.

Additional satisfaction or usefulness a consumer gets from one more unit of a product.

_____ is a rule stating consumers will buy more products at lower prices/less at higher prices.

Quantities demanded by everyone who is interested in purchasing the product.

Lowest legal wage that can be paid to most workers is called _____.

Table showing how much a product will supply at all possible prices.

_____ is the amount of usefulness or satisfaction that someone gets from the use of a product.

Price that clears market by leaving neither surplus/shortage at the end of trading period.

Combination of desire, ability, and willingness to buy a product.

Situation where quantity supplied is less than quantity demanded at a given price.

Quantities offered at various prices by all firms that offer the product for sale.

Measure of how the quantity supplied responds to a change in price is called ____.