What is Demand - vocabulary review

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

• demand curve

• demand schedule

• demand

• law of demand

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

• demand curve

• demand schedule

• demand

• law of demand

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

• demand curve

• demand schedule

• demand

• law of demand

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

• demand curve

• demand schedule

• demand

• law of demand

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

• law of demand

• demand schedule

• demand

• quantity demanded

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

• market demand curve

• marginal utility

• diminishing marginal utility

• utility

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

• market demand curve

• marginal utility

• diminishing marginal utility

• utility

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

• market demand curve

• marginal utility

• diminishing marginal utility

• utility

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

• market demand curve

• marginal utility

• diminishing marginal utility

• utility

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

• elasticity

• elastic good

• inelastic good

• unit elastic good