Term
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Definition
| When price goes up; quantity demand decreases |
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Term
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Definition
| A graphical depiction of a demand schedule |
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Term
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Definition
| Occurs when any relevant variable other than price changes |
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Term
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Definition
| A table showing how the quantity demanded of some product during a specified period of time changes as the price of that product changes |
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Term
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Definition
| The number of units of a good that consumers are willing and can afford to buy over a specified period of time |
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Term
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Definition
| When price goes up; quantity supplied increases |
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Term
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Definition
| A graphical depiction of a supply schedule |
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Term
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Definition
| Occurs when any relevant variable other than price changes |
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Term
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Definition
| A table showing how the quantity supplied of some product changes as the price of that product changes |
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Term
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Definition
| The number of units that sellers want to sell over a specified period of time |
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Term
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Definition
| An excess of quantity demanded over quantity supplied |
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Term
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Definition
| An excess of quantity supplied over quantity demanded |
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Term
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Definition
| A situation in which there are no inherent forces that produce change. |
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Term
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Definition
| A legal minimum below which the price charged for a commodity is not permitted to fall |
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Term
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Definition
| A maximum that the price charged for a commodity cannot legally exceed |
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Term
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Definition
| The maximum amount of money that a consumer is willing to give up in exchange for a good |
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Term
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Definition
| The maximum amount of money that a consumer is willing to pay for one more unit of a specific good |
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Term
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Definition
| The decision making process comparing perceived costs and benefits of available alternatives |
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Term
| “Law” of Diminishing Marginal Utility |
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Definition
| States that additional units of a product are worth less and less to a consumer in money terms |
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Term
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Definition
| A product whose quantity demanded falls when the purchaser’s real income rises |
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Term
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Definition
- Income
- Tastes/Preferences
- Prices of other products
- Substitute
- Complements
- Number of other buyers
- Expectation
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Term
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Definition
- Income
- Technology
- Prices of other goods
- Alternatives
- Complements
- Number of other sellers
- Expectations
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