Term
|
Definition
| The amount of a good or service that a consumer is willing and able to buy at various possible prices during a given time. |
|
|
Term
|
Definition
| Is a slightly different concept that describes the amount of a good or service that a consumer is willing and able to buy at a particular price during a given time period |
|
|
Term
|
Definition
| which states that an increase 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. |
|
|
Term
|
Definition
| The amount of money, or income, that people have available to spend on goods and services. |
|
|
Term
|
Definition
| Any increase or decrease in consumer's purchasing power caused by a change in price. |
|
|
Term
|
Definition
| Describes the tendency of consumers to substitute a similar, lower-priced product for another product that is relatively more expensive. |
|
|
Term
| Diminishing marginal utility |
|
Definition
| More units of a product are consumed. |
|
|
Term
|
Definition
| The price of a good or service and they quantity that consumers demand. |
|
|
Term
|
Definition
| Shows the relationship between the price of a product and the quantity demanded |
|
|
Term
|
Definition
| Factors that shows the demand in each and every price. |
|
|
Term
|
Definition
| Goods that can be used to replace the purchase of similar goods. |
|
|
Term
|
Definition
| Goods that are commonly used with other goods . |
|
|
Term
|
Definition
| Exists when a small change inn a good's price causes a major , opposite change in the quantity. |
|
|
Term
|
Definition
| is the degree to which changes in a good's price affect the quantity demanded by consumers. |
|
|
Term
|
Definition
| exists when a change in a goods price has little impact on the quantity demanded |
|
|
Term
|
Definition
| refers to the total income that a buissness reciebes from selling its products. |
|
|
