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Vocabulary

Chapter 4

TermDefinition
Demand Combination of desire, ability, and willingness to buy a product
Law of Demand Rule stating that more will be demanded at lower prices and less at higher prices; inverse relationship between price and quantity demanded.
Market Demand Curve Demand curve that shows the quantities demanded by everyone who is interested in purchasing a product at all possible prices.
Marginal Utility Satisfaction or usefulness obtained from acquiring one more unit of a product.
Diminishing Marginal Utility Decrease in satisfaction or usefulness as additional units of a product are acquired.
Change in Quantity Demand Movement along the demand curve showing that a different quantity is purchased in response to a change in price.
Complements Products that increase the use of other products; products related in such a way that an in cease in the price of one reduces the demand for both.
Substitutes 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.
Demand Elasticity A measure of responsiveness that shows how a change in quantity demanded (dependent variable) responds to a change in price (independent variable)
Elastic Type of elasticity where the percentage change in the independent variable (usually price) causes a more than proportionate change in the dependent variable (usually quantity demanded or supplied)
Inelastic Type of elasticity where the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied.
Created by: 3zimm