Term
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Definition
| The amount of a good or service that a consumer is willing and able to buy at various possible prices during a given time period |
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Definition
| 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 the good's price causes a decrease in the quantity demanded and that a decrease in the price causes an increase in the quanitity demanded |
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Term
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Definition
| The amount of money, or income, the people have available to spend on goods and services. |
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Definition
| Any increase or decrease in consumers' purchasing power. |
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Definition
| The tendancy of consumers to substitute a similar, low priced product for another product that is relativley more expensive. |
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Term
| Diminishing Marginal Utility |
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Definition
| As more units of a product are consumed, the satisfaction received from consuming each additional unit declines. |
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Term
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Definition
| Lists the quantity of goods that consumers are willing and able to buy at a series of possible prices. |
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Term
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Definition
| Shows the relationship between the price of a product and the quanitity demanded. |
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Term
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Definition
Decrease in demand --> Curve shifts to the Left
Increase in demand --> Curve shifts to the right |
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Term
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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
| The degree to which changes in a good's price affect the quantity demanded by consumers. |
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Term
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Definition
| Exists when a small change in a good's price causes a major, opposite change in the quantity demanded. |
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Term
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Definition
| Exists when a change in a good's price has little impact on the quantity demanded. |
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Term
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Definition
| Refers to the total income that a buisness receieves from selling its products. |
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