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Demand

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Term
Definition
show Combination of desire, ability, and willingness to buy a product  
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show part of economics dealing with behavior and decision making by individual units, such as ppl and firms  
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show economic system in which ppl and firms make all economic decisions  
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show a table that lists how much of a product consumers will buy at all possible prices  
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Demand Curve   show
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Law of Demand   show
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Market Demand Curve   show
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show additional satisfaction or usefulness a consumer gets from having one or more units of a product  
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Diminishing Marginal Utility   show
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show movement along the demand curve showing that the amount someone is willing to purchase changes when the price changes  
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Income Effect   show
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Substitution Effect   show
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show shift of the demand curve when ppl buy different amounts at every price  
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Substitutes   show
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Complements   show
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show a measure of responsiveness that shows how one variable responds to a change in another variable  
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Demand Elasticity   show
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Elastic   show
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Inelastic   show
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Unit Elastic   show
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show amount that consumers spend on a product at a particular price  
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Created by: Damma15724
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