Ch. 21 Supply & Demand Vocab. Quiz

__________ is desire, willingness, and ability to buy a good or service.

• Demand

• Supply

Which table showing quantities demanded at different possible prices?

• Supply Schedule

• Demand Schedule

Downward sloping line that graphically shows the quantities demanded to change a price.

• Demand Curve

• Supply Curve

The concept that people are normally willing to buy less of a product if the price is high and more of it if the price is low.

• Law of Demand

• Law of Supply

The total demand of all consumers for a product or service.

• Market Demand

• Marginal Utility

The amount of satisfaction one gets from a good or service.

• Utility

• Value

Additional use that is derived from each unit required.

• Market Demand

• Marginal Utility

A competing product that consumers can use in place of another

• Complement

• Substitute

Product often used with another product

• Complement

• Substitute

Measure of responsiveness relating to change in quantity demanded to a change in price

• Demand Elasticity

• Supply Elasticity