Term
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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. |
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Definition
| the principle that,other things equal an increase in a good increases the quantity of it demanded, and conversely for a decrease in price. |
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Term
| diminishing marginal utility |
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Definition
| the extra utility a consumer obtains from the consumption of 1 additional unit of a good or service:equal to the change in total utility divided by the change in the quantity consumed. |
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Definition
| A change in the quantity demanded of a product that results from the change in real income caused by a change in the products price. |
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Definition
| A change in the quanity demanded of a consumer good that results from a change in its relative expensiveness caused by a change in the products price. |
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Definition
| a curve illustrating demand. |
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Term
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Definition
| factors other than price that determine the quantities demanded of a good or service. |
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Term
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Definition
| A good or service whose consumption increases when income increases and falls when income decreases, price remaining constant. |
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Definition
| A good or service whose consumption declines as income rises. |
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Term
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Definition
| Products or services that can be used in place of each other. |
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Term
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Definition
| Products and services that are used together. When the price of one falls, the demand for the other increases. |
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Term
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Definition
| A change in the quantity demanded of a good or service at every price. |
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Term
| change in quantity demanded |
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Definition
| A change in the amount of a product that producers offer for sale because of a change in the products price. |
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Term
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Definition
| A schedule showing the amounts of a good or service that sellers will offer various prices during some period. |
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Term
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Definition
| The principle that, other things equal, an increase in the price of a product will increase the quantity demanded of it supplied, and conversely for a price decrease. |
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Term
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Definition
| A curve illustrating supply. |
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Term
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Definition
| Factors other than price that determine the quantities supplied of a good or service. |
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Term
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Definition
| A change in the quantity supplied of good or service at every price. |
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Term
| change in quantity supplied |
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Definition
| A change in the amount of a product that produces offer for sale because of a change in the products price. |
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Term
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Definition
| The price in a competitive market at which the quantity demanded and the quantity supplied are equal, there is neither a shortage neither a surplus, and there is no tendency for price to rise or fall. |
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Term
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Definition
| The quantity demanded and supplied at the equilibrium price in a competitive market. |
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Term
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Definition
| The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific price. |
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Term
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Definition
| the amount by which the quantity demanded of a product exceeds the quantity supplied at a particular price. |
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Term
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Definition
| A legally established maximum price for a good or service. |
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Term
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Definition
| A legally established minimum price for a good or service. |
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