Economics Ch 4 Word Scramble
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| Term | Definition |
| demand | the combination of quantities someone would be willing and able to buy at a given moment |
| incentive | a motivating influence that causes someone to buy more or less of an item; usually related to price |
| marginal utility | the extra usefulness or additional satisfaction a person gets from acquiring one more unit of a product |
| income effect | the change in quantity demanded caused by a change in a consumer's pay and the price of a product |
| substitution effect | the change in quantity demanded caused by a change in the price of a good relative to other goods |
| 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 |
| compements | products that increase the use of other products; the increase in the price of a product reduces demand for its complement |
| elasticity | the measure of responsiveness that tells how a dependent variable like quantity demanded responds to changes in independent variables like price |
| 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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