economic 2nd quarter

1. The quantity of goods and services that consumers are willing to buy at a given price and time.

→ Demand

2. The principle stating that consumers tend to buy more when prices are low and less when prices are high.

→ Law of Demand

3. A table showing the quantity of a product demanded at different price levels at a given time.

→ Demand Schedule

4. A graphical representation of a demand schedule showing the relationship between price and quantity demanded.

→ Demand Curve

5. A table showing the quantity of goods demanded by an individual at different price levels.

→ Individual Demand Schedule

6. The graphical presentation of an individual’s demand schedule.

→ Individual Demand Curve

7. The sum of two or more individual demands for a particular product presented in table form.

→ Market Demand Schedule

8. The graphical presentation of the total market demand for a product.

→ Market Demand Curve

9. The theory that suggests the price of a product should correspond to its usefulness.

→ Utility Theory

10. The satisfaction or pleasure a consumer receives from consuming a product or service.

→ Utility

11. The additional satisfaction derived from consuming one more unit of a product.

→ Marginal Utility

12. The total satisfaction obtained from consuming all units of a product.

→ Total Utility

13. The principle stating that as more units of a product are consumed, the additional satisfaction derived decreases.

→ Law of Diminishing Marginal Utility

14. A change in demand caused by a change in the price of the product, resulting in movement along the same demand curve.

→ Change in Quantity Demanded

15. A change in demand caused by factors other than price, resulting in a shift of the entire demand curve.

→ Change in Demand

16. When the demand curve shifts to the right, indicating an increase in demand.

→ Increase in Demand

17. When the demand curve shifts to the left, indicating a decrease in demand.

→ Decrease in Demand

18. A factor affecting demand where demand increases as consumers’ income increases.

→ Change in Income

19. A factor affecting demand that refers to products used together, such as bread and butter.

→ Complementary Products

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

→ Substitute Products

21. The quantity of a commodity that a seller is willing to offer for sale at a given price and time.

→ Supply

22. The law that 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

23. A table that shows the quantity supplied at various prices at a given time.

→ Supply Schedule

24. A graphical representation of a supply schedule showing the relationship between price and quantity supplied.

→ Supply Curve

25. The supply of a product by a single seller.

→ Individual Supply

26. The total supply of a product by two or more sellers in a market.

→ Market Supply

27. The table that shows the quantity of goods all sellers offer for sale at different prices.

→ Market Supply Schedule

28. The graphical presentation of the total supply in the market.

→ Market Supply Curve

29. A situation where the amount of a commodity supplied changes because of a change in its price.

→ Change in Quantity Supplied

30. A situation where supply increases or decreases even though the price remains constant.

→ Change in Supply

31. The number of producers or sellers in the market that affects the total quantity of goods available.

→ Number of Producers/Sellers

32. The efficiency of resources used in producing goods, which determines how much output is produced from inputs.

→ Productivity of Inputs

33. The expenditures incurred in the production of goods and services.

→ Cost of Inputs

34. A measurement that compares the number of outputs produced with the inputs used in production.

→ Productivity

35. The additional cost incurred when producing one more unit of output.

→ Marginal Cost

36. The total cost divided by the total number of products produced.

→ Average Cost

37. The point where total revenue equals total cost, meaning no profit or loss occurs.

→ Breakeven Point

38. The minimum level of profit needed to keep a business operating in the market.

→ Normal Profit

39. The economic condition in which additional inputs result in lower output efficiency.

→ Diminishing Returns

40. The introduction of new ideas, products, or methods that improve productivity and efficiency.

→ Innovation

41. The amount that a buyer pays a seller to obtain a product.

→ Price

42. The market value of a commodity that links the buyer and the seller in the market.

→ Price

43. The process where the forces of demand and supply determine the price of goods and services.

→ Market Price Mechanism

44. A fair and efficient tool for allocating and distributing goods and services in the market.

→ Price Mechanism

45. The impersonal economic entity that represents the interes