Vocabulary Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Term | Definition |
| Demand | Combination of desire, ability, and willingness to buy a product |
| Law of Demand | Rule stating that more will be demanded at lower prices and less at higher prices; inverse relationship between price and quantity demanded. |
| Market Demand Curve | Demand curve that shows the quantities demanded by everyone who is interested in purchasing a product at all possible prices. |
| Marginal Utility | Satisfaction or usefulness obtained from acquiring one more unit of a product. |
| Diminishing Marginal Utility | Decrease in satisfaction or usefulness as additional units of a product are acquired. |
| Change in Quantity Demand | Movement along the demand curve showing that a different quantity is purchased in response to a change in price. |
| Complements | Products that increase the use of other products; products related in such a way that an in cease in the price of one reduces the demand for both. |
| Substitutes | Competing products that can be used in place of one another; products related in such a way that an increase in the price of one increases the demand for the other. |
| Demand Elasticity | A measure of responsiveness that shows how a change in quantity demanded (dependent variable) responds to a change in price (independent variable) |
| Elastic | Type of elasticity where the percentage change in the independent variable (usually price) causes a more than proportionate change in the dependent variable (usually quantity demanded or supplied) |
| Inelastic | Type of elasticity where the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied. |
Created by:
3zimm
Popular Economics sets