Chapter 4 Voc

• Goods used in place of one another.

• Law of Demand

• Substitute

• Complement

• Law of Supply

• When a good’s price is lower, consumers will buy more of it.  When the price is higher, consumers will buy less of it.

• Law of Demand

• Total Revenue

• Law of Supply

• Subsidy

• The amount of money the company receives by selling its goods.

• Regulation

• Subsidy

• Total Revenue

• Complement

• Two goods that are bought and used together.

• Complement

• Substitute

• Subsidy

• Regulation

• A graphic representation of a demand schedule.

• Law of Supply

• Demand curve

• Supply Curve

• Law of Demand

• The higher the price, the larger the quantity produced.  The lower the price, the smaller the quantity produced.

• Supply Curve

• Demand Curve

• Law of Demand

• Law of Supply

• Government payment or discounted loan that supports a business or market.

• Subsidy

• Excise Tax

• Regulation

• Equilibrium

• A tax on the production or sale of a good.

• Disequilibrium

• Equilibrium

• Excise tax

• Subsidy

• Government intervention in a market that affects the price, quantity, or quality of a good.

• Regulation

• Excise Tax

• Subsidy

• Complement

• The point at which quantity demanded and quantity supplied are equal.

• Regulation

• Demand Curve

• Disequilibrium

• Equilibrium