Term
| Amount a good or sevice that a consumer is willing and able to buy at various possible prices |
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Definition
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| Amount a good or service that a consumer is willing and able to buy at each particular price during a given time period |
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| States an inrease in a good's price causes a decrease in the quantity demanded and that a decrease in price causes an increase in the quantity demanded |
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Definition
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Term
| The amount of money, or income, that people have available to spend on goods and services |
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| An increase of decrease in consumers' purchasing power cause by a change in the price |
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Term
| As more units of a product re consumed, the satisfaction received from consuming each additional unit declines |
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Definition
| Diminishing Marginal Utility |
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Term
| Tendency of consumers to substitute a similar, lower-priced product for a product of higher price |
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Definition
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Term
| A chart that shows the quantity of goods the consumers ae willing and able to buy at a series of possible prices |
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Definition
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| Shows the relationship between the price of a product and the quantity demanded plotted on a graph |
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Term
| List the 5 Determinatates of Demand (Non-Price Factors) |
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Definition
Consumer Tastes and Preferences
Market Size
Income
Price of Related Goods
Consumer Expectations |
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Term
What is the consumer's tastes and preferences?
Example |
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Definition
| They are the self-intrests |
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Term
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Definition
| This is the size of the market or town that you're surrounded by |
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| This is how much a person earns. (Purchasing Power and Income Effect) |
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Definition
| This is when people substitute things for lower prices. (Substitution Effect) |
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Term
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Definition
| Knowing something and making the smart choices and correctly budgeting your income. |
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