ceteris paribus, other things being equal, complements, goods that are often used together so that consumption of one good tends to enhance consumption of the other, consumer surplus, the extra benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they actually paid, deadweight loss, the loss in social surplus that occurs when a market produces an inefficient quantity, demand, the relationship between price and the quantity demanded of a certain good or service, demand schedule, a table that shows a range of prices for a certain good or service and the quantity demanded at each price, equilibrium, the situation where quantity demanded is equal to the quantity supplied; the combination of price and quantity where there is no economic pressure from surpluses or shortages that would cause price or quantity to change, equilibrium price, the price where quantity demanded is equal to quantity supplied, equilibrium quantity, the quantity at which quantity demanded and quantity supplied are equal for a certain price level, excess demand / shortage, at the existing price, the quantity demanded exceeds the quantity supplied, excess supply / surplus, at the existing price, quantity supplied exceeds the quantity demanded;, factors of production / inputs, the resources such as labor, materials, and machinery that are used to produce goods and services; also called inputs, inferior good, a good in which the quantity demanded falls as income rises, and in which quantity demanded rises and income falls, law of demand, the common relationship that a higher price leads to a lower quantity demanded of a certain good or service and a lower price leads to a higher quantity demanded, while all other variables are held constant, law of supply, the common relationship that a higher price leads to a greater quantity supplied and a lower price leads to a lower quantity supplied, while all other variables are held constant, normal good, a good in which the quantity demanded rises as income rises, and in which quantity demanded falls as income falls, price, what a buyer pays for a unit of the specific good or service, price ceiling, a legal maximum price, price control, government laws to regulate prices instead of letting market forces determine prices, price floor, a legal minimum price, producer surplus, the extra benefit producers receive from selling a good or service, measured by the price the producer actually received minus the price the producer would have been willing to accept, quantity demanded, the total number of units of a good or service consumers are willing to purchase at a given price, quantity supplied, the total number of units of a good or service producers are willing to sell at a given price, shift in demand, when a change in some economic factor (other than price) causes a different quantity to be demanded at every price, shift in supply, when a change in some economic factor (other than price) causes a different quantity to be supplied at every price, social surplus / economic surplus / total surplus, the sum of consumer surplus and producer surplus, substitute, a good that can replace another to some extent, so that greater consumption of one good can mean less of the other, supply, the relationship between price and the quantity supplied of a certain good or service, supply schedule, a table that shows a range of prices for a good or service and the quantity supplied at each price

Chapter 3 Econ

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