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