1. Unit 3: Supply and Demand Vocabulary
demand curve
demand schedule
elasticity of demand
inelastic
income effect
law of demand
market demand curve
market demand schedule
normal goods
substitutes
complements
total revenue
14. diminishing returns
elasticity of supply
fixed costs
input costs
law of supply
marginal cost
marginal product
marginal revenue
productivity
supply
supply schedule
total product
26. circular flow model

2. 27. product market
28. factor market
29. public goods/services
30. market failures
31. public transfer payments
32. government regulation
33. government deregulation
34. voluntary exchange