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Chapter 3 Demand
Vocab for Chapter 3
| Question | Answer |
|---|---|
| amount of a good/service that consumer are willing to buy at various prices at a given time | Demand |
| amount of a good/service that consumers are willing to purchase at a price | Quantity demanded |
| principle that consumers will purchase goods at lower prices than higher prices | Law of demand |
| amount of income that people have to spend on goods and services | Purchasing power |
| effect that a change in item’s price has on consumers’ ability to purchase goods | Income effect |
| consumers’ tendency to substitute a lower-priced good for a similar higher one | Substitution effect |
| natural decreases in the utility of a good/service as units are used | Diminishing marginal utility |
| a table that shows the level of demand for a particular item at various prices | Demand schedule |
| graph of a demand schedule, shows relationship between price and quantity demanded | Demand curve |
| nonprice factor that influences the amount of demand for a good/service | Determinants of demand |
| product that purchasers use in a place of another product | Substitute goods |
| good that is used with another good, demand for both increases/decreases | Complementary goods |
| degree to which changes the price of a good/service affect quantity demanded | Elasticity of demand |
| situation that exists when quantity demanded changes a lot in response to price change | Elastic demand |
| when quantity demanded changes slightly or not at all due to price change | Inelastic demand |
| a businesses’ total income | Total revenue |
Created by:
shupeer
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