Econ 101

5. a demand condition in which consumers are not very responsive to a change in price (114).
7. the law that, all other things being equal, the quantity supplied of a good rises when the price of the good rises, and falls when the price of the good falls (88).
8. a short-term loan in which the borrower writes the lender a check against an upcoming paycheck. The lender waits until the borrower's payday to cash the check (149).
9. market condition when the quantity supplied of a good is greater than the quantity demanded; also called excess supply (97).
10. A good for which demand declines as income rises (84).
13. equals the buyer’s willingness to pay minus the price actually paid (123).
14. Market condition when the quantity supplied of a good is less than the quantity demanded; also called excess demand (97).
16. the fairness of the distribution of benefits among the members of a society (130).
18. a legally established maximum price for a good or service (133).
20. A payment made by the government to encourage the consumption or production of a good or service (88).
21. the lowest hourly wage rate that firms may legally pay their workers (142).
22. A good consumers buy more of as income rises, holding all other factors constant (83).
24. equals the price the seller receives minus the willingness to sell (125).

1. A demand condition in which consumers are responsive to a change in price (114).
2. illegal markets that arise when price controls are in place (133).
3. the maximum price a consumer will pay for a good or service; also called the reservation price (123).
4. the sum of consumer surplus and producer surplus; a measure of the well‐being of all participants in a market, absent any government intervention (128).
6. the resources (labor, land, and capital) used in the production process (92).
11. condition occurring at the point where the demand curve and the supply curve intersect (96).
12. an attempt to set prices through government involvement in the market (132).
15. describing an outcome when allocation of resources maximizes total surplus (129).
17. The market-determined opportunity cost of a good or service (78).
19. two goods that are used together; when the price of a complementary good rises, the quantity demanded of that good falls and the demand for the related good goes down (84).
23. a legally established minimum price for a good or service (139).