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Demand

TermDefinition
Demand the amount of a good or service that consumers are able and willing to buy at various possible prices during a specified time period
Market freely chosen activity between buyers and sellers of goods and services
Law of Demand economic rule stating that the quantity demanded and price move in opposite directions
Quantity Demanded the amount of a good or service that a consumer is willing and able to purchase at a specific price
Real Income Effect economic rule stating that individuals cannot keep buying the same quantity of a product if its price rises while their income stays the same
Substitution Effect economic rule stating that if two items satisfy the same need and the price of one rises, people will buy more of the other
Law of Diminishing Marginal Utility situation in which a product's price change has little impact on the quantity demanded by consumers
Marginal Utility an additional amount of satisfaction
Utility the ability of any good or service to satisfy consumer wants
Demand Curve downward-sloping line that shows in graph form the quantities demanded at each possible price
Demand Schedule table showing quantities demanded at different possible prices
Complementary Good a product often used with another product
Elasticity economic concept dealing with consumers' responsiveness to an increase or decrease in price of a product
Price Elasticity of Demand economic concept that deals with how much demand varies according to changes in price
Elastic Demand situation in which a given rise or fall in a product's price greatly affects the amount that people are willing to buy
Inelastic Demand situation in which a product's price change has little impact on the quantity demanded by consumers
Created by: abreland