Chapr 3 Value&Demand Word Scramble
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| Question | Answer |
| What was the boy at the beginning of the chapter's name? | Danny |
| How much did the lamp go for? | $347 |
| Principle of diminishing marginal utility | People tend to receive less and less additional satisfaction from any good or service as they contain more and more of it during a specific period of time. |
| Marginal utility schedule | A tabular model based upon the observation of marginal utility. |
| Marginal utility curve | A graphic representation of the marginal utility schedule. |
| William Stanley Jevons | Pest known for "The theory of Political Economy," and was the first to introduce the principle of diminishing marginal utility. |
| Demand | The willingness of consumers to purchase a product as well as their act of purchasing the item. |
| Law of demand | Everything else being held constant, the lower the price charged for a good or service, the greater the quantity of it people will demand, and thehighter the price the lower the quantity they will demand. |
| Demand schedule | A table listing various quantities demanded at various prices. |
| Demand curve | A graphic representation of a demand schedule. |
| Change in quantity demanded | Happens whenever a change in price causes a change in the number of items demanded. |
| Change in demand | Happens when a demand curve shifts. |
| Increase in demand | Means buyers are willing to demand more of a good or service at every price along the demand curve. |
| Decrease in demand | Means buyers are going to demand for less of a good or service at every price along the demand curve. |
| Normal goods | GOods that experience an increase in demand because of an increase in consumers' income. |
| Inferior goods | Goods that experience a decline in popularity as buyers' incomes increase. |
| substitute goods | Goods that households may use in place of others. |
| complementary goods | Goods that are usually purchased or used together. |
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