12 Econ Vocab 4 Word Scramble
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| Term | Definition |
| elasticity | measure of responsiveness that shows how a dependent variable responds to a change in an independent variable |
| microeconomics | field of economics that deals with behavior and decision making by small units |
| elastic | describes change in demand when a change in price causes a relatively larger change in quantity demanded |
| marginal utility | extra usefulness gained from using one more unit of a product |
| change in quantity demanded | movement along the demand curve |
| demand | desire, ability, and willingness to buy a product |
| substitutes | products used in place of other products |
| substitution effect | change in quantity demanded due to a change in relative price |
| demand schedule | listing that shows quantities demanded of a product at all prices |
| unit elastic | given change in price that causes a proportional change in quantity demanded |
| Law of Demand | quantity demanded of a product varies inversely with its price |
| microeconomics | study of the economic behavior of individuals and firms |
| demand elasticity | extent to which a change in price causes a change in demand |
| diminishing marginal utility | decline in extra satisfaction from using additional quantities of a product |
| income effect | change in quantity demanded because a price change altered consumer's real income |
| complements | products where the use of one product increases the use of another |
| change in demand | willingness to buy more or less of a product at the same price |
| demand curve | graph showing the quantity demanded at every price |
| inelastic | describes a given change in price that causes a relatively smaller change in quantity demanded |
| market demand curve | illustrates the demand of everyone interested in purchasing a product |
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