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ECON 3 - Demand
| Term | Definition |
|---|---|
| Demand | the desire and willingness to get something |
| Determinants | any underlying factor or variable that causes changes, shapes outcomes, or influences a specific economic measure like demand or supply |
| Quantity Demand | The amount of a good or service that buyers are willing to purchase at a given price |
| Law of Demand | the quantity demanded rises when the price falls, and the quantity demanded falls when the price rises |
| Substitute | two or more products or services that can be used in place of each other to satisfy the same consumer need or want |
| Complement | products that people use together, so that an increase in the demand for one raises the demand for the other |
| Elastic | a small change in price leads to a large, proportional change in the quantity demanded or supplied |
| Inelastic | consumer demand for a good or service stays relatively stable when its price changes |
| Market Clearing Price | xact price of a good, service, or asset where the quantity supplied by producers equals the quantity demanded by consumers |
| Demand Curve | Plots the quantity demanded at different prices. A demand curve plots the demand schedule |
Created by:
ddenson80
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