Term
|
Definition
| a schedule showing the amounts of a good or service that buyers (or a buyer) wish to purchase at various prices during some time period |
|
|
Term
|
Definition
| the principle that, other things equal, an increase in a product's price will reduce the quantity of it demanded, and conversely for a decrease in price |
|
|
Term
| diminishing marginal utility |
|
Definition
| the principle that as a consumer increases the consumption of a good or service, the marginal utility obtained from each additional unit of the good or service decreases |
|
|
Term
|
Definition
| a change in the quantity demanded of a product that results from the change in real income (purchasing power) caused by a change in the product's price |
|
|
Term
|
Definition
| a change in the quantity demanded of a consumer good that results from a change in its relative expensiveness caused by a change in the product's price |
|
|
Term
|
Definition
| a curve illustrating demand |
|
|
Term
|
Definition
| factors other than price that determine the quantities demanded of a good or service |
|
|
Term
| 5 basic determinants of demand |
|
Definition
1-consumers' tastes (preferences)
2-the number of buyers in the market
3-consumers' incomes
4-the prices of related goods
5-consumer expectations |
|
|
Term
|
Definition
| a good or service whose consumption increases when income increases and falls when income decreases, price remaining constant |
|
|
Term
|
Definition
| a good or service whose consumption declines as income rises, prices held constant |
|
|
Term
|
Definition
| products or services that can be used in place of eachother. when the price of one falls, the demand for the other product falls; conversely, when the price of one product rises, the demand for the other product rises |
|
|
Term
|
Definition
| products and services that are used together. when the price of one falls, the demand for the other increases (and conversely) |
|
|
Term
|
Definition
| a change in the quantity demanded of a good or service at every price; a shift of the demand curve to the left or right |
|
|
Term
| change in quantity demanded |
|
Definition
| a change in the amount of a product that consumers are willing and able to purchase because of a change in the prodcut's price |
|
|
