Term
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Definition
| the next best alternative foregone |
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Term
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Definition
| items that are plentiful, no price is paid for them e.g. rainwater |
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Term
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Definition
| items that are scarce and a price is paid for them e.g. bottled water |
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Term
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Definition
| the ability and willingness to buy a good or service |
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Term
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Definition
| the quantity of a good or service that one person is willing and able to buy at each price |
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Term
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Definition
| ceteris paribus when the price of a good or service increases the quantity demanded decreases vice versa |
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Term
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Definition
| the table of quantity demanded at each price |
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Term
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Definition
| the graph of quantity demanded at each price |
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Term
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Definition
| the core beliefs/principles that a person has. these will influence a persons demand |
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Term
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Definition
| unlimited wants relative to limited means/resources |
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