Term
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Definition
| The amount of a good or service that a consumer is willing and able to buy at various possible pries during a given time period |
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Term
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Definition
| The amount of a good or service that a consumer is willing and able to buy a each particular price during a given time period |
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Term
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Definition
| An increase in a good's price causes a decrease in the quantity demanded and that a decrease in price causes an increase in the quantity demanded |
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Term
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Definition
| The amount of money that people have available to spend on goods and services |
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Term
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Definition
| The tendency of consumers to substitute a similar, lower-priced product for another product that is relatively more expensive |
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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 become available |
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Term
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Definition
| Lists the quantity of goods that consumers are willing and able to buy at a series of possible prices |
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Term
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Definition
| Plots the relationship between the price of a product and the quantity demanded |
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