Supply and Demand Vocab

Front

Desire, willingness, and ability to buy a good or service.

Back

Demand

Front

A table listing quantities of a product/service someone will buy at various prices.

Back

Demand Schedule

Front

Graph showing product demand at various prices.

Back

Demand Curve

Front

Quantity demanded and price move in opposite directions.

Back

Law of Demand

Front

Total demand of all consumers for a product or service.

Back

Market Demand

Front

Pleasure, usefulness, or satisfaction from using a product.

Back

Utility

Front

Principle that additional satisfaction decreases as more units are consumed.

Back

Diminishing Marginal Utility

Front

Products that can replace others.

Back

Substitute

Front

Products used together.

Back

Complement

Front

Change in price affects quantity demanded.

Back

Demand Elasticity