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| the desire, ability, and willingness to buy a product |
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| the area of economics that deals with behavior and decision making by small units, such as individiuals and firms |
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| a listing that shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time |
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| a graph showing the quantity demanded at each and every price that might prevail in the market |
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| states that the quantity demanded of a good or service varies inversely with its price |
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| the demand curve that shows the quantities demanded by everyone who is interested in purchasing the product |
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| the extra usefulness or satisfaction a person gets from acquiring or using one more unit of a product |
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| diminishing marginal utility |
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| states hat the extra satisfaction we get from using additional quantities of the product begins to diminish |
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| change in quantity demanded |
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| a movement along the demand curve that shows a change in the quantity of the product purchased in response to a change in price |
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| the change in quantity demanded because of a change in price that alters consumers' real income |
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| consumers demand different amounts at every price, causing the demand curve to shift to the left or the right |
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| competing products that can be used in place of one another; products related in such a way that an increase in the price of one increases the demand for the other |
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| products that increase the value of other products; products related in such a way that an increase in the price of one reduces the demand for both |
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| products that increase the value of other products; products related in such a way that an increase in the price of one reduces the demand for both |
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| a measure of responsiveness that tells us how a dependent variable sudh as quantity responds to a change in an independent variable such as price |
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| the extent to which a change in price causes a change in the quantity demanded |
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| tyoe if elasticity where the percentage change in the independent variable (usually price) causes a more than proportionate change in the dependent variable (usually quantity demanded or supplied) |
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| means that a given change in prive causes a relatively smaller change in the quantity demanded |
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| a given change in prive causes a proportional change in quantity demanded |
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