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Economics

Ch 3 Value and Demand

TermDefinition
principle of diminishing marginal utility the tendency of people to receive less and less additional satisfaction from any good or service as they obtain more and more of it during a specific amount of time
marginal utility schedule a tabular model displaying observations of utility received from some good or service
marginal utility curve a graphic representation of observations of utility received from some good or service
demand the number of units of a product that will be bought at a given price
law of demand a law stating that, everything else being held constant, the lower the price charged for a good or service, the greater the quantity people will demand and vice versa
demand schedule a tabular model listing various quantities demanded at various prices
demand curve a graph illustrating the various quantities of an item that are demanded at various prices
change in quantity demanded a situation in which the change in the price of an item causes a change in the number demanded
change in demand the shifting of a demand curve experienced when demand for an item increases or decreases regardless of price
increase in demand a rightward shift in the demand curve representing a willingness on the part of buyers to demand more of a good or service at any price
decrease in demand a leftward shift in the demand curve representing a decrease in the willingness of buyers to demand an item at any price
normal goods an item for which demand typically increases when buyers' incomes increase
inferior good an item that typically experiences a decrease in demand as buyers' incomes increase
substitute goods items that resemble one another and that may be used in place of each other
complementary goods items that are usually purchased or used together
Created by: winninghamp
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