Macro-Economics Word Scramble
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Question | Answer |
Demand | the desire, willingness, and ability to buy a product |
Microeconomics | area of economics that deals with behavior and decisions making by small units, such as individuals and businesses |
Demand Schedule | list of the various quantities demanded of a particular product at all prices that might prevail in the market at any given time |
Demand Curve | graph of the various quantities demanded of a particular product at all prices that might prevail in the market at any given time |
Law of Demand | the quantity demanded of a good or service varies inversely with its price |
Market Demand Curve | demand curve that shows the quantities demanded by everyone who is interested in purchasing the product |
Marginal Utility | the extra usefulness or satisfaction a person gets from acquiring or using one more unit or a product |
Diminishing Marginal Utility | the extra satisfaction we get from using additional quantities of the product begins to diminish |
Change in Quantity Demanded | movement along the demand curve that shows a change in the quantity of the product purchased in response to a change in price |
Income Effect | change in the quantity demanded because of a change in price that alters consumers real income |
Substitution Effect | change in the quantity demanded because of a change in the relative price of a product |
Change in Demand | movement that shifts the demand curve itself; people will buy different amounts of the same products at the same prices |
Substitutes | products that can be used in the place of another product |
Complements | products related to another product; the use of the two tends to increase and decrease together |
Elasticity | measure of responsiveness that tells us how a dependent variable responds to a independent variable ex: quantity responds to price |
Demand Elasticity | the extent to which a change in price causes a change in the quantity demanded |
Elastic | a given change in price causes a relatively larger change in quantity demanded |
Inelastic | a given change in price causes a relatively smaller change in quantity demanded |
Unit Elastic | a given change in price causes a proportional change in quantity demanded |
Created by:
kvanolson
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