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9 Cards in this Set
- Front
- Back
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Law of Demand |
An inverse relationship between the quantity demanded and the price of a product. |
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Demand |
Quantities of a particular good or service that consumers are willing and able to buy at different prices at a particular time. |
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Price Effect |
The inclination of people to buy less of something at higher prices than they would buy at lower prices. |
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Buying Power |
the quantity of goods and services a person can buy with a given amount of money. |
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Diminishing Marginal Utility |
the point reached when an additional unit of a product consumed is less satisfying than the one before it. |
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Substitutes |
a good or service that can replace another good or service. |
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market demand |
the total of all individual demands in a given market at a particular demand. |
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Price Elasticity of demand |
a measure of the impact of the price effect. |
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Complementary Goods |
Products that often are used together. |
