12th Review

relationship between a good’s price & the amount that people are willing to buy

• demand
• supply
• value

relationship between a good’s price and the amount that producers are willing to provide for consumers

• demand
• supply
• value

directly related to the benefits their owners receive through their use

• value in use
• value in exchange

trading value – what a particular good is worth in exchange for some other good

• value in use
• value in exchange

amount of money that a buyer pays the seller for a particular item

• price
• market price
• value

at which goods can be sold in an open market with many potential sellers & buyers

• price
• market price
• value

as one’s supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease

• diminishing marginal utility
• marginal utility
• total utility

amount of satisfaction that results from a one-unit increase of a product – becomes smaller with each additional unit

• diminishing marginal utility
• marginal utility
• total utility

total amount of satisfaction received from possessing a particular amount of a good

• diminishing marginal utility
• marginal utility
• total utility

play with emotions of customers to induce them to spend more time in the store and overlook logical considerations when shopping - create discontentment in the customer to convince them to buy

• marketing schemes
• marginal utility
• law of supply & demand