Term
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Definition
| the different quantities of a good that consumers are willing and able to buy at different prices |
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Definition
| An indirect relationship between price and quantity demanded; as price increases, the quantity consumers buy decreases. as price decreases, the quantity consumers buy increases. |
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Definition
| "all other things held constant" |
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Term
| CHANGES IN PRICE DO NOT SHIFT THE CURVE |
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Definition
| CHANGES IN PRICE DO NOT SHIFT THE CURVE |
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Term
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Definition
| a point on the curve; is changed by price. A specific amount of the good on the demand schedule or the demand curve |
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Term
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Definition
T: Tastes and preferences of consumers
I: Income
P: Prices of other related goods
S: Size of the market
E: Expectations of consumers |
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Term
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Definition
| The satisfaction you derive from an additional unit of a price, other things constant |
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Term
| Law of Diminishing Marginal Utility |
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Definition
| States that the more of a good an individual consumes per period, other things constant, the smaller the marginal utility of each additional unit consumed |
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