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Demand
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Econ Chapter 4 Vocab

Demand

TermDefinition
Demand Combination of desire, ability, and willingness to buy a product
Microeconomics part of economics dealing with behavior and decision making by individual units, such as ppl and firms
Market Economy economic system in which ppl and firms make all economic decisions
Demand Schedule a table that lists how much of a product consumers will buy at all possible prices
Demand Curve a curve that shows the quantities demanded at all possible prices
Law of Demand rule stating that consumers will buy more of a product at lower prices and less at higher prices
Market Demand Curve a curve that shows how much of a product all consumers will buy at all possible prices
Marginal Utility additional satisfaction or usefulness a consumer gets from having one or more units of a product
Diminishing Marginal Utility decrease in satisfaction or usefulness from having one more unit of the same product
Change in Quantity Demanded movement along the demand curve showing that the amount someone is willing to purchase changes when the price changes
Income Effect that part of a change in quantity demanded due to a change in the buyer’s real income when a price changes
Substitution Effect that part of a change in quantity demanded due to a price change that makes other products more or less costly
Change in Demand shift of the demand curve when ppl buy different amounts at every price
Substitutes competing items that can be used in place of one another
Complements products that increase the use of other products
Elasticity a measure of responsiveness that shows how one variable responds to a change in another variable
Demand Elasticity a measure that shows how a change in quantity demanded responds to a change in price
Elastic type of elasticity where a change in price causes a relatively larger change in quantity demanded
Inelastic type of elasticity where a change in price causes a relatively smaller change in quantity demanded
Unit Elastic type of elasticity where a change in price causes a proportional change in quantity demanded
Total Expenditures amount that consumers spend on a product at a particular price
Created by: Damma15724
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