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Economics Chapter 3
Terms in this set (16)
the amount of good and services that consumers are willingly to buy at various prices during a given period.
The amount of good or services that consumers are willingly and able to sell at a particular price.
Law of Demand
The principle that, all other factors being equal, consumers will purchase more of a good at lower prices and less of a higher prices.
The amount of income that people have available to spend on goods and services.
The effect that a change in an items price has a consumer ability to purchase a good.
Consumers' tendency to substitute a lower-priced good for a similar, higher-priced one.
Diminishing Marginal Utility
The natural decreases in the utility of a good or services as more units are consumed .
A table that shows the level of demands for a particular item at various prices.
A graphic representation of a demand schedule, showing the relationship between the prices of an item and the quantity demand during a given period, with all other things being equal.
determinate of demand
A nonprice factor that influence the available supply of a goods or services.
A product that purchase use in another product, particular if the price of the other product rises.
Goods that are commonly used with other goods. And for which demands increase or decrease when the demand for the related goods increases.
Elasticity of Demands
The degree to which changes in the price of a good or service affect quantity demand.
The situation that exists when quantity demand changes greatly in a response to a change in prices.
The situation that exist when quantity demanded changes only slightly or not at all in response to change.
A business's total income; sometimes called total receipts
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