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| In economics terms is the amount of a good or service that a consumer is willing and given time period. |
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Definition
| Is a slightly different concept that describes the amount 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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| An increase in goods price causes a decrease in the quantity demanded. |
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Definition
| Amount of money, or income, that people have available to spend on goods or services. |
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| The tendency of consumers to substitute a similar, lower priced product for another product that is relatively more expensive. |
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| diminishing marginal utility |
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Definition
| Marginal, or additional, utility of each unit consumed diminishes, or lessens, with each additional unit. |
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Definition
| One useful way to show the relationship between the price of a good or service and the quantity that consumers demand. |
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Definition
| Another way to show an relationship between the price of a product and the quantity. |
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| The determinants of demand include consumer taste, market size, income, prices of related goods, and consumer expectations. |
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Definition
| Goods that can be used to be replace the purchase of similar goods when prices rise. |
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| Goods that are commonly used with other goods |
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Definition
| Degree to which changes in a goods price affect the quantity demanded by consumers. |
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Definition
| Exists when a small change in a goods price causes causes a major. |
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Definition
| Exists when a change in a goods price has little impact on the quantity demanded. |
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Term
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Definition
| Sometimes called total receipts refers to the total income that a business receives from selling them. |
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