| Term | Definition |
|---|
| law of demand | an inverse relationship between the quantity demanded and the prices of a product |
| demand | quantities or goods that consumers are willing to buy at different prices at a particular time |
| price effect | inclination of people to buy less of something at higher prices than they would buy at lower prices |
| buying power | quantity of goods and services a person can buy with a given amount of money |
| diminishing marginal utility | point reached when another unit of product consumed becomes less satisfying than the one before |
| substitutes | good/service that can replace another good/service |
| market demand | total of all individual demands in a given market at a particular time |
| price elasticity of demand | measure of the impact of the price effect |
| complementary goods | products that are often used together |
Combine with other sets
Share on Facebook
Share on MySpace