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12 Econ Vocab 4

Economics CH 4 Vocab for Ponder

TermDefinition
elasticity measure of responsiveness that shows how a dependent variable responds to a change in an independent variable
microeconomics field of economics that deals with behavior and decision making by small units
elastic describes change in demand when a change in price causes a relatively larger change in quantity demanded
marginal utility extra usefulness gained from using one more unit of a product
change in quantity demanded movement along the demand curve
demand desire, ability, and willingness to buy a product
substitutes products used in place of other products
substitution effect change in quantity demanded due to a change in relative price
demand schedule listing that shows quantities demanded of a product at all prices
unit elastic given change in price that causes a proportional change in quantity demanded
Law of Demand quantity demanded of a product varies inversely with its price
microeconomics study of the economic behavior of individuals and firms
demand elasticity extent to which a change in price causes a change in demand
diminishing marginal utility decline in extra satisfaction from using additional quantities of a product
income effect change in quantity demanded because a price change altered consumer's real income
complements products where the use of one product increases the use of another
change in demand willingness to buy more or less of a product at the same price
demand curve graph showing the quantity demanded at every price
inelastic describes a given change in price that causes a relatively smaller change in quantity demanded
market demand curve illustrates the demand of everyone interested in purchasing a product
Created by: breckart2
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