Demand Word Scramble
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| Term | Definition |
| 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 |
| Market | freely chosen activity between buyers and sellers of goods and services |
| Law of Demand | economic rule stating that the quantity demanded and price move in opposite directions |
| Quantity Demanded | the amount of a good or service that a consumer is willing and able to purchase at a specific price |
| 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 |
| 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 |
| Law of Diminishing Marginal Utility | situation in which a product's price change has little impact on the quantity demanded by consumers |
| Marginal Utility | an additional amount of satisfaction |
| Utility | the ability of any good or service to satisfy consumer wants |
| Demand Curve | downward-sloping line that shows in graph form the quantities demanded at each possible price |
| Demand Schedule | table showing quantities demanded at different possible prices |
| Complementary Good | a product often used with another product |
| Elasticity | economic concept dealing with consumers' responsiveness to an increase or decrease in price of a product |
| Price Elasticity of Demand | economic concept that deals with how much demand varies according to changes in price |
| 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 |
| Inelastic Demand | situation in which a product's price change has little impact on the quantity demanded by consumers |
Created by:
abreland
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