Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
EPF Flashcard List 3
| Question | Answer |
|---|---|
| demand | the desire, willingness, and ability to buy a good or service |
| law of demand | the concept that people are normally willing to buy less of a product if the price is high and more of it if the price is low |
| utility | the amount of satisfaction one gets from consuming/using a good or service |
| the principle that our additional satisfaction, or our marginal utility, tends to go down as more units are consumed | a competing product that consumers can use in place of another, store brand or non-name brand products are examples of substitute goods |
| complementary goods | products often used with another product, peanut butter and jelly are complementary goods |
| demand elasticity | measure of responsiveness relating change in quantity demanded to a change in price, price changes directly affect quantity demanded |
| demand inelasticity | measure of lack of responsiveness relating change in quantity demanded to a change in price, price changes have little effect on quantity demanded, no matter the price, you must have the product |
Created by:
jacqbas
Popular Economics sets