Demand
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| Demand | the amount of a good or service that consumers are able and willing to buy at various possible prices during a specified time period
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| Market | freely chosen activity between buyers and sellers of goods and services
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| Law of Demand | economic rule stating that the quantity demanded and price move in opposite directions
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| Quantity Demanded | the amount of a good or service that a consumer is willing and able to purchase at a specific price
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| Real Income Effect | economic rule stating that individuals cannot keep buying the same quantity of a product if its price rises while their income stays the same
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| Substitution Effect | economic rule stating that if two items satisfy the same need and the price of one rises, people will buy more of the other
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| Law of Diminishing Marginal Utility | situation in which a product's price change has little impact on the quantity demanded by consumers
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| Marginal Utility | an additional amount of satisfaction
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| Utility | the ability of any good or service to satisfy consumer wants
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| Demand Curve | downward-sloping line that shows in graph form the quantities demanded at each possible price
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| Demand Schedule | table showing quantities demanded at different possible prices
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| Complementary Good | a product often used with another product
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| Elasticity | economic concept dealing with consumers' responsiveness to an increase or decrease in price of a product
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| Price Elasticity of Demand | economic concept that deals with how much demand varies according to changes in price
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| Elastic Demand | situation in which a given rise or fall in a product's price greatly affects the amount that people are willing to buy
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| Inelastic Demand | situation in which a product's price change has little impact on the quantity demanded by consumers
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Created by:
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