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Definition
| Amount of a good/service that a consumer is willing and able to buy at various prices during a time period. |
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Definition
| Describes the amount of a good/service that a consumer is willing and able to buy at each particular price during a given time period |
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Definition
| States that an increase in a good's price causes a decrease in price causes an increase in the quantity demanded |
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Definition
| Amount of $ people have to spend |
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Definition
| Any increase or decrease in consumers' purchasing power caused by change of price |
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Term
| Diminishing Marginal Utility |
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Definition
| More untints produced = less satisfaction |
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Definition
| Lists the quantity of goods thta consumers are willing and able to buy at a series of possible prices |
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Definition
| Graph that shows the relationship between the price and the quantity demanded |
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Definition
| Group of factors for demand |
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Definition
| Replaces similar goods when prices rise |
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Definition
| Goods used with other goods |
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Definition
| Changes in price affect the # demanded by consumers |
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Definition
| Exists when a small change in a goods price causes a major, opposite change in the # demanded |
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Definition
| Change in a good's price has little impact on the # demanded |
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Term
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Definition
(Total Reciepts)
Refers to the total income that a business recieves from selling it's products |
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