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