4-2 vocabulary jw
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| States that the marginal benefit of using each additional unit of a product during a given period will decline. | Law of dimishishing utility
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| The change in the amount that consumers will buy because the purchasing power of their income changes. | Income effect
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| A change in the amount that consumers will buy because they buy substitute goods instead. | Subsitution effect
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| An increase or decrease in the amount demanded because of change in price. | change in quantity demanded
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| Occurs when something prompts consumers to buy different amounts at every price. | Change in demand
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| Goods that consumers demand more of when their income rises. | Normal Goods
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| Goods that consumers demand less of when their incomes rise. | Inferior goods
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| Goods and services that can be used in place of each other. | Substitutes
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| Goods that are used together, so a rise in demand for one increases the demand for the other. | Complements
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