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Econ Chapter 4 Vocab
Demand
| Term | Definition |
|---|---|
| Demand | Combination of desire, ability, and willingness to buy a product |
| Microeconomics | part of economics dealing with behavior and decision making by individual units, such as ppl and firms |
| Market Economy | economic system in which ppl and firms make all economic decisions |
| Demand Schedule | a table that lists how much of a product consumers will buy at all possible prices |
| Demand Curve | a curve that shows the quantities demanded at all possible prices |
| Law of Demand | rule stating that consumers will buy more of a product at lower prices and less at higher prices |
| Market Demand Curve | a curve that shows how much of a product all consumers will buy at all possible prices |
| Marginal Utility | additional satisfaction or usefulness a consumer gets from having one or more units of a product |
| Diminishing Marginal Utility | decrease in satisfaction or usefulness from having one more unit of the same product |
| Change in Quantity Demanded | movement along the demand curve showing that the amount someone is willing to purchase changes when the price changes |
| Income Effect | that part of a change in quantity demanded due to a change in the buyer’s real income when a price changes |
| Substitution Effect | that part of a change in quantity demanded due to a price change that makes other products more or less costly |
| Change in Demand | shift of the demand curve when ppl buy different amounts at every price |
| Substitutes | competing items that can be used in place of one another |
| Complements | products that increase the use of other products |
| Elasticity | a measure of responsiveness that shows how one variable responds to a change in another variable |
| Demand Elasticity | a measure that shows how a change in quantity demanded responds to a change in price |
| Elastic | type of elasticity where a change in price causes a relatively larger change in quantity demanded |
| Inelastic | type of elasticity where a change in price causes a relatively smaller change in quantity demanded |
| Unit Elastic | type of elasticity where a change in price causes a proportional change in quantity demanded |
| Total Expenditures | amount that consumers spend on a product at a particular price |
Created by:
Damma15724
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