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Demand
N/A
8
Economics
12th Grade
09/15/2010

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Term
Demand
Definition
the different quantities of a good that consumers are willing and able to buy at different prices
Term
Law of Demand
Definition
An indirect relationship between price and quantity demanded; as price increases, the quantity consumers buy decreases. as price decreases, the quantity consumers buy increases.
Term
Ceteris Paribus
Definition
"all other things held constant"
Term
CHANGES IN PRICE DO NOT SHIFT THE CURVE
Definition
CHANGES IN PRICE DO NOT SHIFT THE CURVE
Term
Quantity Demanded
Definition
a point on the curve; is changed by price. A specific amount of the good on the demand schedule or the demand curve
Term
 T.I.P.S.E.
Definition

T: Tastes and preferences of consumers

I: Income

P: Prices of other related goods

S: Size of the market

E: Expectations of consumers

Term
Marginal Utility
Definition
The satisfaction you derive from an additional unit of a price, other things constant
Term
Law of Diminishing Marginal Utility
Definition
States that the more of a good an individual consumes per period, other things constant, the smaller the marginal utility of each additional unit consumed
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