
Demand vocabulary
Flashcard
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Easy
Paul Curley
Used 1+ times
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8 questions
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1.
FLASHCARD QUESTION
Front
Complementary Goods
Back
Products that are often used together.
2.
FLASHCARD QUESTION
Front
Diminishing Marginal Utility
Back
Each additional unit of a product is less satisfying than the one before.
3.
FLASHCARD QUESTION
Front
Elasticity of Demand
Back
Changeability of amount demanded when price changes.
4.
FLASHCARD QUESTION
Front
Law of Demand
Back
Consumers buy more of a good when its price decreases and less when its price increases.
5.
FLASHCARD QUESTION
Front
Market Demand
Back
Total demand in the market at a given time.
6.
FLASHCARD QUESTION
Front
Quantity Demanded
Back
The amount of a good or service consumers are willing to buy at a specific price.
7.
FLASHCARD QUESTION
Front
Substitute
Back
A good or service that can replace another good or service.
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