What is Demand - vocabulary review

Front

VOCABULARY DEFINITION: a table that lists how much of a product consumers will buy at all prices.

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demand schedule

Front

rule stating that consumers will buy more of a product at lower prices and less at higher prices

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law of demand

Front

VOCABULARY DEFINITION: the desire ability and willingness to buy a product

Back

demand

Front

VOCABULARY DEFINITION: a curve that shows the quantities demanded at all possible prices.

Back

demand curve

Front

total amount of goods or services that are demanded at any given point in time

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quantity demanded

Front

a curve that shows how much of a product all consumers will buy at all possible prices

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market demand curve

Front

VOCABULARY DEFINITION: the usefulness or satisfaction that someone gets from the use of a product

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utility

Front

VOCABULARY DEFINITION: additional satisfaction or usefulness a consumer gets from having one more unit of a product

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marginal utility

Front

decrease in satisfaction or usefulness from having one more unit of the same product

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diminishing marginal utility

Front

measures the responsiveness of quantity demand to an increase or decrease in the price of a good/service

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elasticity