Money 100
What is Supply?
Supply amount of a good producers are able and willing to sell at various prices during a certain period
What is Utility?
level of satisfaction derived from consumption of a good
What is Money Income?
the amount of money received during a specified period
What is Builder?
an individual, business or organization which constructs buildings for both private and commercial use
What is Demand?
amount of product a consumer is willing and able to purchase at given prices
What is Marginal Utility?
the change in total utility resulting from consumption of a good changing by one unit
What is Real Income?
your income measured in terms of how many goods you can purchase
What is Trade Industries?
include building, woodworking, welding, automotive technology
What is Profit?
total revenue minus total cost
What is Equilibrium?
the point at which the supply curve intersects the demand curve and the two are equal
What is Producer?
an individual, business or organization which possesses a good which can be further processed to create a more valuable final product
What is Law of Diminishing Returns?
increasing amount of one factor of production increases, an increase in productivity will only occur to a certain point
What is Elasticity?
measures the responsiveness of consumers or companies to a change in price
What is Substitutes?
goods which can be used in place of one another
What is Raw Good Producer?
an individual, business or organization which possess a product which has not been processed at all
What is Marginal Cost?
change in total cost resulting from the output changing by one unit
What is Complementary Goods?
goods which are consumed together; perfect compliments must be sold or consumed together
What is Manufacturer?
an individual, business or organization which uses machines, tools and labor to process a good into a final product