| A | B |
|---|
| demand schedule | table showing quantities demanded at different possible prices |
| demand curve | downward-slopping line that shows in graph form the quantities demanded at each possible price |
| complimentary good | a product often used with another product |
| elasticity | economic concept dealing with consumers' responsiveness to an increase or decrease in price |
| price elasticity of demand | economic concept that deals with how much demand varies according to changes in price |
| elastic demand | situation in which the rise or fall in product's price greatly affects the amount that people are willing to buy |
| inelastic demant | situation in which a product's price change has little impact on the quantity demanded by consumers |
| law of supply | economic rule stating that price and quantity supplied move in the same direction |
| quantity supplied | the amount of good or service that a producer is willing and able to supply at a specific price |
| supplly schedule | table showing quantities supplied at different possible prices |
| supply curve | upward sloping line that shows in graph form the quantities supplied at each possible price |
| technology | any use of land, labor, and capital that produces goods and services more efficiently |
| law of diminishing returns | economic rule that says as more units of a factor of production are added to other factors of production, after some point total output continues to increase but at diminishing rates |
