Any place where people buy and sell goods and services
A tangible item that gives a person utility
An intangible item that gives a person utility
The willingness and ability of buyers to purchase a good or service
law of demand
States that as the price of good increases the quantity demanded decreases, and vice versa
The number of units of a good purchased at a specific price
law of diminishing marginal utility
States that as a person consumes additional units of a good, the utility gained from each additional unit decreases
A relationship between two factors in which the factors move in opposite directions
A table showing the quantities of a good demanded a varying prices
The graphical representation of the law of demand that shows the amount of a good buyers a willing to buy a various prices
A good for which the demand increases as incomes rise and vice versa.
A good for which the demand increases as income falls and vice versa
A good for which the demand remains unchanged as incomes change
Similar goods for which the price of one and the demand for the other move in the same direction
Goods that are consumed together and the price of one moves in the opposite direction as the demand for the other
elasticity of demand
The relationship between the percentage change in quantity demanded and the percentage change in price
The percentage change in quantity demanded is greater than the percentage change in price
The percentage change in quantity demanded is less than the percentage change in price.
The percentage change in quantity demanded is the same as the percentage change in price.