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Macro-Economics

Vocabulary Chap 4

QuestionAnswer
Demand the desire, willingness, and ability to buy a product
Microeconomics area of economics that deals with behavior and decisions making by small units, such as individuals and businesses
Demand Schedule list of the various quantities demanded of a particular product at all prices that might prevail in the market at any given time
Demand Curve graph of the various quantities demanded of a particular product at all prices that might prevail in the market at any given time
Law of Demand the quantity demanded of a good or service varies inversely with its price
Market Demand Curve demand curve that shows the quantities demanded by everyone who is interested in purchasing the product
Marginal Utility the extra usefulness or satisfaction a person gets from acquiring or using one more unit or a product
Diminishing Marginal Utility the extra satisfaction we get from using additional quantities of the product begins to diminish
Change in Quantity Demanded movement along the demand curve that shows a change in the quantity of the product purchased in response to a change in price
Income Effect change in the quantity demanded because of a change in price that alters consumers real income
Substitution Effect change in the quantity demanded because of a change in the relative price of a product
Change in Demand movement that shifts the demand curve itself; people will buy different amounts of the same products at the same prices
Substitutes products that can be used in the place of another product
Complements products related to another product; the use of the two tends to increase and decrease together
Elasticity measure of responsiveness that tells us how a dependent variable responds to a independent variable ex: quantity responds to price
Demand Elasticity the extent to which a change in price causes a change in the quantity demanded
Elastic a given change in price causes a relatively larger change in quantity demanded
Inelastic a given change in price causes a relatively smaller change in quantity demanded
Unit Elastic a given change in price causes a proportional change in quantity demanded
Created by: kvanolson