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13 Cards in this Set
- Front
- Back
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Demand
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a relation showing the quantities of a good that consumers are willing and able to buy at various prices per period, other things constant
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Law of Demand
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The quantity of a good demanded per period relates inversely to its price, other things constant
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Marginal Utility
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The change in total utility resulting in a one-unit change in consumption of a good
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Law of Diminishing Marginal Utility
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The more of a good a person consumes per period, the smaller the increase in total utility from consuming one more unit, other things constant
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Demand Curve
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A curve line showing the quantities of a particular good demanded at various prices during a given time period, other things constant
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Quantity Demanded
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the amount demanded at a particular price
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Individual Demand
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The demand of an individual consumer
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Market Demand
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The sum of the individual demands of all consumers in the market
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Elasticity of Demand
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Measures how responsive quantity demanded is to a price change; the percentage change in quantity demanded divided by the percentage change in price
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Total Revenue
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Price multiplied by the quantity demanded at that price
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Tastes
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Consumer preferences; likes and dislikes in consumption; assumed to be constant along a given demand curve
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Movement Along a Given Demand Curve
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Change in quantity demanded resulting from a change in the price of the good, other things constant
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Shift of a Demand Curve
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Increase of decrease in demand resulting from a change in one of the determinants of demand other than the price of the good
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