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6 Cards in this Set
- Front
- Back
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Demand
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Is the quantities of a particular good or sesrvice consumers are willing and able to buy at different possible prices at a particular time.
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Price Effect
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People buy less of something at higher prices.
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Substitute
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Is a good or service that can replace another good or service.
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Market Demand
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Is the sum of all individual demands in a given market at a particular time.
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Price Elasticity of Demand
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Is a measurement of the impact of the price effect.
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Complementary Goods
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Are goods that often are used together.
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