Term
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Definition
| The amount of a good or service that a consumer is willing and able to buy at various prices at a certain time. |
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Term
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Definition
| Slightly different concept that describes the amount of a good or service that a consumer is willing and able to buy at each particular price during a given time period. |
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Definition
| An increase in a goods price causes a decrease in the quantity demanded and visa versa. |
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Term
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Definition
| The amount of money people have available to spend on goods and services. |
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Definition
| Any increase or decrease in consumers purchasing power caused by a change in price. |
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Definition
| The tendency of consumers to substitute a similar lower priced product for a more expensive one |
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Term
| Diminishing Marginal Utility |
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Definition
| As more units are produced, product value declines |
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Term
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Definition
| Lists the quantity of goods that consumers are willing/able to apply |
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Term
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Definition
| Shows the relationship between the price of a product and the quantity demanded |
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Definition
| Quantity demanded at each and every price |
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Definition
| Goods that can be used to replace the purchase of similar goods when prices rise |
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Term
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Definition
| Goods that are commonly used with other goods |
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Term
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Definition
| Degree to which changes in a good's price affect the quantity deemanded by consumers |
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Term
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Definition
| a small change in goods prices causes a major change in quantity demanded |
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Term
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Definition
| a change in goods prices has little impact on quantity demanded |
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Term
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Definition
| total income a business receives from selling its products |
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