Economics - Micro Vocab 2

Front

Graph showing quantity demanded at each price

Back

demand curve

Front

Willingness to buy more or less of a product at the same price

Back

change in demand

Front

Quantity demanded varies inversely with price

Back

Law of Demand

Front

Products that increase the use of another product

Back

complements

Front

Demand of all interested buyers for a product

Back

market demand curve

Front

Change in price affects demand:

Back

demand elasticity

Front

Study of economic behavior of individuals and firms

Back

microeconomics

Front

Change in price causes smaller change in quantity demanded

Back

inelastic

Front

Decline in extra satisfaction from using more of a product

Back

diminishing marginal utility

Front

Change in quantity demanded due to price change affecting real income

Back

income effect