Term
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Definition
| The amount of goods available |
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Term
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Definition
| The desire to own something and the ability to pay for it |
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Term
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Definition
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Term
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Definition
| A graph of the quantity supplied of a good at different prices |
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Term
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Definition
| A graphic representation of a demand schedule |
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Term
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Definition
| Two goods that are bought and used together |
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Term
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Definition
| Goods used in place of each other |
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Term
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Definition
| A measure of how consumers react to change in price |
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Term
| 54. marginal product of labor |
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Definition
| The change in output from hiring one additional unit of labor |
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Term
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Definition
| A government payment that supports a business or market |
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Term
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Definition
| A tax on the production or sale of a good |
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Term
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Definition
| Government intervention in a market that affects the production of a good |
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Term
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Definition
| The point at which quantity demanded and quantity supplied are equal |
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Term
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Definition
| When quantity supplied is more than quantity demanded |
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Term
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Definition
| When quantity demanded is more than quantity supplied |
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Term
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Definition
| Situation in which quantity supplied is greater than quantity demanded; excess supply |
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Term
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Definition
| A situation in which a good or service is unavailable, or a situation in which the quantity demanded is greater than the quantity supplied; excess demand |
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Term
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Definition
| A sudden shortage of a good |
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Term
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Definition
| A system of allocating scarce goods and services using criteria other than price |
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Term
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Definition
| A market in which goods are sold illegally |
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Term
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Definition
| all other things held constant |
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Term
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Definition
| A cost that does not change, no matter how much of a good is produced |
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Term
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Definition
| A cost that rises or falls depending on how much is produced |
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Term
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Definition
| The cost of producing on more unit of a good |
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