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11 Cards in this Set
- Front
- Back
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Demand |
the various amount of something a person is willing and able to buy at diffrent prices |
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Price Effect |
People want to buy more of a product when it's price falls |
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Substitutes |
something used in place of a particular product |
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Price Elasticity of Demand |
describes how much a change in price effects the quantity demand |
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Complementary Goods |
items that people typically use together such as peanut butter and jelly |
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Law of Demand |
all else being equal, more items will be sold at a lower price than at a higher price |
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Buying Power |
the amount of a product you can buy with your money |
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Diminishing Personal Value |
the more of something a person has, the less he or she is willing to give up to get more of it |
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Change in Demand |
people want to buy less of a product at all possible prices |
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Market Demand |
the sum of all individuals demands in a given market |
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Total Revenue |
a products price multiplied by the number of units sold |
