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Definition
| Combination of desire,ability and willingness to buy a product. |
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Definition
| Part of economics that sudies small units, such as individuals and firms. |
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| A table that lists how much of a product consumers will buy at all possible prices. |
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| Additional satisfaction or usefullness a consumer gets from having one more unit of a product. |
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| Diminishing Marginal Utility |
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Definition
| Decrease in satisfaction or usefullness from having one or more unit of the same product. |
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| Change in Quantity Demanded |
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Definition
| Movement along the demand curve showing that the amount someone is willing to purchase changes when the price change. |
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Definition
| That part of a change in quantity of demanded due to a change in the buyer's real income when a price changes. |
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| The part of a change in quantity demanded due to a price change that makes other products more or less costly. |
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| Products that increase the use of other products. |
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| A measure that shows how a change in quantity demanded responds to a change in price. |
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Definition
| Type of elasticity where a change in price causes a relatively larger change in quantity demanded. |
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| Type of elasticity where a change in price causes a relatively smaller change in quantity demanded. |
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Definition
| Type of elasticity where a change causes a proportional change in quantity demanded. |
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| Competing products that can be used in place of one another. |
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Definition
| A curve that shows the quantities demanded at all possible prices. |
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Definition
| Rule stating that consumers will buy more of a product at lower prices and less at higher prices. |
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Definition
| Shift of the demand curve when people buy different amounts at every price. |
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Definition
| A measure of responsiveness that shows how one variable responds to a change in another variable. |
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Definition
| A curve that shows how much of a product all consumers will buy at all possible prices. |
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