3.6: Key Terms
- Page ID
- 215591
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| (Eg. "Genetic, Hereditary, DNA ...") | (Eg. "Relating to genes or heredity") |  |
The infamous double helix | https://bio.libretexts.org/ | CC-BY-SA; Delmar Larsen |
| Word(s) | Definition | Image | Caption | Link | Source |
|---|---|---|---|---|---|
| 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 curve | a graphic representation of the relationship between price and quantity demanded of a certain good or service, with quantity on the horizontal axis and the price on the vertical axis | ||||
| demand schedule | a table that shows a range of prices for a certain good or service and the quantity demanded at each price | ||||
| economic surplus | see social surplus | ||||
| 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 | at the existing price, the quantity demanded exceeds the quantity supplied; also called a shortage | ||||
| excess supply | at the existing price, quantity supplied exceeds the quantity demanded; also called a surplus | ||||
| factors of production | 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 | ||||
| inputs | the resources such as labor, materials, and machinery that are used to produce goods and services; also called factors of production | ||||
| 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 | ||||
| shortage | at the existing price, the quantity demanded exceeds the quantity supplied; also called excess demand | ||||
| social 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 curve | a line that shows the relationship between price and quantity supplied on a graph, with quantity supplied on the horizontal axis and price on the vertical axis | ||||
| supply schedule | a table that shows a range of prices for a good or service and the quantity supplied at each price | ||||
| surplus | at the existing price, quantity supplied exceeds the quantity demanded; also called excess supply | ||||
| total surplus | see social surplus |