Unit Two Lesson Five Economics

a product that is used or consumed jointly with another product; tennis rackets and tennis balls are one example

• Demand

• Supply

• Complimentary Good

• Substitute Good

the quantity of a good or service that consumers are both willing and able to buy at various prices

• Demand

• Complimentary Good

• Supply

• Money

Degree to which the quantity demanded or supplied of a good or service changes in response to a change in price

• Money

• Law of Supply

• Elasticity

• Law of Demand

economic law stating that as the price of a good or service increases, the quantity demanded decreases, and vice versa

• Revenue

• Law of Demand

• Elasticity

• Law of Supply

The amount of money a firm receives in the course of doing business

• Specialization

• Supply

• Revenue

• Barter

a product that satisfies the same basic want as another product

• Revenue

• Complimentary Good

• Demand

• Substitute Good

economic law stating that as the price of a good or service increases, the quantity supplied increases, and vice versa

• Law of Supply

• Complementary Good

• Law of Demand

• Substitute Good

the quantity of a good or service that producers are willing and able to offer for sale at various prices

• Demand

• Supply

• Revenue

• Capital

the sum of the individual quantities demanded in a market

• Production Factors

• Human capital

• Market Demand

• Tradeoffs

a graph of the relationship between the price of a good or service and the quantity buyers are willing and able to buy

• Profit Margin

• Supply Curve

• Demand Curve

• Thinking at the Margin