Unit 3 Microeconomics Vocabulary and Content Review

Willingness and ability to purchase a commodity or service.

• Demand

• Demand Curve

• Demand Schedule

• Supply

A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time. In a typical representation, the price will appear on the left vertical axis, the quantity demanded on the horizontal axis.

• Demand

• Demand Curve

• Demand Schedule

• Supply

A table that shows the quantity demanded of a good or service at different price levels.

• Demand

• Demand Curve

• Demand Schedule

• Supply

Describes the total amount of a specific good or service that is available to consumers.

• Demand

• Demand Curve

• Demand Schedule

• Supply

A graphical representation of the relationship between the cost of a good or service and the quantity supplied for a given period of time. In a typical representation, the price will appear on the left vertical axis, the quantity supplied on the horizontal axis.

• Demand

• Supply

• Supply Schedule

• Supply Curve

A table that shows how much product a supplier will have to produce to meet consumer demand at a specified price based on the supply curve.

• Demand

• Supply

• Supply Schedule

• Supply Curve

An amount of something left over when requirements have been met; an excess of production or supply over demand.

• Surplus

• Long Run

• Short Run

• Shortage

A period of time in which at least one input is fixed while others are variable; firms face both variable and fixed costs. Additionally, firms may expect monopoly.

• Surplus

• Long Run

• Short Run

• Shortage

A state or situation in which something needed cannot be obtained in sufficient amounts.

• Surplus

• Long Run

• Short Run

• Shortage

A period of time in which all factors of production and costs are variable; firms are able to adjust all costs. Additionally, firms may expect competition.

• Surplus

• Long Run

• Short Run

• Shortage