Term
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Definition
| the amount of a good or service that consumers are willing and able to buy at various prices during a given period |
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Term
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Definition
| the amount of a good or service that consumers are willing and able to purchase at a particular price |
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Term
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Definition
| consumers will purchase more of a good at lower prices and less of a good at higher prices |
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Term
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Definition
| the amount of income that people have availble to spend on goods and services |
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Term
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Definition
| the effect that a change in an item's price has on consumers' ability to purchase goods |
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Term
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Definition
| consumers' tendency to substitute a lower-priced good for a higher-priced one |
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Term
| diminishing marginal utility |
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Definition
| the natural decreases in the utility of a good or service as more units of it are consumed |
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Term
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Definition
| a table that shows the level of demand for a particular item at various prices |
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Term
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Definition
| a graphic representation of a demand schedule |
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Term
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Definition
| a nonprice factor that influences the amount of demand for a good or service |
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Term
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Definition
| a product that purchasers use in place of another product |
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Term
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Definition
| goods that are commonly used with other goods |
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Term
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Definition
| the degree to which changes in a good's price affect the quantity demanded by consumers |
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Term
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Definition
| the situation that exists when quantity demanded changes greatly in response to a change in price |
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Term
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Definition
| the situation that exists when quantity demanded changes only slightly or not at all in response to a change in price |
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Term
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Definition
| a business's total income |
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