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JA Chp. 3
JA Economics Chp. 3
| Question | Answer |
|---|---|
| The quantity of goods and services a person can buy with a given amount of money. | buying power |
| Products that often are used together. | complementary goods |
| Quantities of a particular good or service consumers are willing and able to buy at different prices at a particular time. | demand |
| The point reached when an additional unit of a product consumed is less satisfying than the one before it. | diminishing marginal utility |
| A good for which quantity demanded falls as income increases. | inferior good |
| An inverse relationship between the quantity demanded and the price of a product. | law of demand |
| The total of all individual demands in a given market at a particular time. | market demand |
| A good for which the consumer’s demand increases as income increases. | normal good |
| The inclination of people to buy less of something at higher prices than they would buy at lower prices. | price effect |
| A measure of the impact of the price effect. | price elasticity of demand |
| A good or service that can replace another good or service. | substitute |
| The usefulness or satisfaction that consumers get from consuming goods and services. | utility |
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pinetreeacademy
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