economic 2nd quarter

What is the quantity of goods and services that consumers are willing to buy at a given price and time?

Demand

What principle states that consumers tend to buy more when prices are low and less when prices are high?

Law of Demand

What is a table showing the quantity of a product demanded at different price levels at a given time?

Demand Schedule

What is a graphical representation of a demand schedule showing the relationship between price and quantity demanded?

Demand Curve

What is a table showing the quantity of goods demanded by an individual at different price levels?

Individual Demand Schedule

What is the graphical presentation of an individual’s demand schedule?

Individual Demand Curve

What is the sum of two or more individual demands for a particular product presented in table form?

Market Demand Schedule

What is the graphical presentation of the total market demand for a product?

Market Demand Curve

What theory suggests the price of a product should correspond to its usefulness?

Utility Theory

What term refers to the satisfaction or pleasure a consumer receives from consuming a product or service?

Utility

What is the additional satisfaction derived from consuming one more unit of a product?

Marginal Utility

What is the total satisfaction obtained from consuming all units of a product?

Total Utility

What principle states that as more units of a product are consumed, the additional satisfaction derived decreases?

Law of Diminishing Marginal Utility

What does a change in demand caused by a change in the price of the product result in?

Change in Quantity Demanded

What is a change in demand caused by factors other than price, resulting in a shift of the entire demand curve?

Change in Demand

What does it indicate when the demand curve shifts to the right?

Increase in Demand

What does it indicate when the demand curve shifts to the left?

Decrease in Demand

What factor affecting demand means that demand increases as consumers’ income increases?

Change in Income

What term refers to products used together, like bread and butter?

Complementary Products

What factor affecting demand refers to products that can be used in place of each other, such as tea and coffee?

Substitute Products

What is the quantity of a commodity that a seller is willing to offer for sale at a given price and time?

Supply

What law explains that sellers are willing to sell more of a product when the price is high and less when the price is low?

Law of Supply

What is a table that shows the quantity supplied at various prices at a given time?

Supply Schedule

What is a graphical representation of a supply schedule showing the relationship between price and quantity supplied?

Supply Curve

What term refers to the supply of a product by a single seller?

Individual Supply

What is the total supply of a product by two or more sellers in a market?

Market Supply

What does the Market Supply Schedule show?

The quantity of goods all sellers offer for sale at different prices.

What is the graphical presentation of the total supply in the market?

Market Supply Curve

What is a situation where the amount of a commodity supplied changes because of a change in its price?

Change in Quantity Supplied

What is a situation where supply increases or decreases even though the price remains constant?

Change in Supply

What factor refers to the number of producers or sellers in the market that affects the total quantity of goods available?

Number of Producers/Sellers

What is the efficiency of resources used in producing goods, determining how much output is produced from inputs?

Productivity of Inputs

What term refers to the expenditures incurred in the production of goods and services?

Cost of Inputs

What a measurement compares the number of outputs produced with the inputs used in production?

Productivity

What is the additional cost incurred when producing one more unit of output?

Marginal Cost

What is the total cost divided by the total number of products produced called?

Average Cost

What is the point where total revenue equals total cost, meaning no profit or loss occurs?

Breakeven Point

What is the minimum level of profit needed to keep a business operating in the market?

Normal Profit

What economic condition occurs when additional inputs result in lower output efficiency?

Diminishing Returns

What involves the introduction of new ideas, products, or methods that improve productivity and efficiency?

Innovation

What is the amount that a buyer pays a seller to obtain a product?

Price

What is the market value of a commodity that links the buyer and the seller in the market?

Price

What process determines the price of goods and services through the forces of demand and supply?

Market Price Mechanism

What is a fair and efficient tool for allocating and distributing goods and services in the market?

Price Mechanism