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Definition
| The amount of 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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Term
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Definition
| Describes the amount of 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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Definition
| The principle that, all other factors being equal, consumers will purchase more of a good at lower prices and less of a good at higher prices |
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Definition
| The amount of income that people have available to spend on good and services. |
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Definition
| The effect that a change in an item's price has on consumers ability to purchase goods. |
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Definition
| Consumers' tendency to substitute a lower-priced good for a similar, higher priced one. |
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Term
| Diminishing marginal utility |
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Definition
| The natural decreases in the utility of a good or service as more units of it are consumed. |
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Definition
| A table that shows the level of demand for a particular item at various prices. |
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Definition
| A graphic representation of a demand schedule, showing the relationship between the price of an item and the quality demanded during a given period, with all other things being equal. |
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Definition
| A nonprice factor that influences that available supply of a good or a service. |
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Definition
| A product that purchasers use in place of another product, particularly if the price of the other product rises. |
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Definition
| A good that is commonly used with another good and for which demand increases when the demand for the related good increases. |
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Definition
| The degree to which changes in the price of a good or a service affect quantity demand. |
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Definition
| The situation that exists when quantity demanded changes greatly in response to a change in price. |
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Definition
| The situation that exists when quantity demanded changes only slightly or not at all in response to a change in price. |
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Term
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Definition
| A business's total income; sometimes called total receipts. |
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