Unit 3 Vocab

Legal maximum price for a product

• Variable Input

• Equilibrium

• Price Ceiling

A resource or factor of production that CAN be changed by a firm

• Complement

• Variable Input

• Supply

The combination of quantities that someone would be willing and able to buy over a range of possible prices given at that very moment

• Price Floor

• Variable Input

• Demand

Two items that are bought and used together

The point where supply and demand meet

"sweet spot"

• Disequilibrium

• Demand

• Equilibrium

Competing goods that can be used in place of another

Total amount of a specific good or service

• Supply

• Equilibrium

• Variable Input

A resource or factor or production that cannot be changed in a certain period of time

(ex) factories

• Fixed Input

• Variable Input

• Demand

If the market for quantity supplied or demand is anywhere BUT the equilibrium

• Disequilibrium

• Fixed Input

• Price Floor

Legal minimum price for a product