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| combination of desire, ability, and willingness to buy a product. |
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| branch of economic theory that deals with behavior and decision making by small units such as individuals and firms. |
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| listing showing the quantity demanded at all possible prices that might prevail in the market at a given time. |
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| graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time. |
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| rule stating that move will be demanded at lower prices and less at higher prices |
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| demand curve that shows the quantity demanded by everyone who is interested in purchasing a product |
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| satisfaction or usefulness obtained from acquiring one more unit of a product |
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| Diminishing marginal utility |
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Definition
| decreasing satisfaction or usefulness as additional units of a product are acquired. |
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| Change in quantity demanded |
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Definition
| movement along the demand curve showing that a different quantity is purchased in response to a change in price. |
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| that portion of change in quantity demanded caused by a change in consumer’s real income when the price of a product changes. |
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| the portion of a change in quantity demanded due to a change in the relative price of the product. |
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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 the 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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