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demand
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Economics Ch 4

Demand

TermDefinition
demand the combination of quantities someone would be willing and able to buy at a given moment
incentive a motivating influence that causes someone to buy more or less of an item; usually related to price
marginal utility the extra usefulness or additional satisfaction a person gets from acquiring one more unit of a product
income effect the change in quantity demanded caused by a change in a consumer's pay and the price of a product
substitution effect the change in quantity demanded caused by a change in the price of a good relative to other goods
substitutes competing products that can be used in place of another product; the increase in price of one product leads to higher demand of the other
compements products that increase the use of other products; the increase in the price of a product reduces demand for its complement
elasticity the measure of responsiveness that tells how a dependent variable like quantity demanded responds to changes in independent variables like price
ineleastic the percentage change in the independent variable (price) causes a less than proportionate change in the dependent variable (quantity demanded)
Created by: wm0397
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