Economics Chapter 4 Demand

Means the ability and willingness to purchase an item or service

• supply

• resources

• demand

• order

the part of economic theory that deals with behavior and decision making by individual units, such as people and firms

• macroeconomics

• microeconomics

• general economics

• neutral economics

demand involves which of these variables

• ingredients

• market

• season

• price

shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time

• demand schedule

• demand table

• demand curve

• demand response

A graph showing the quantity demanded at each and every price that might prevail in the market

• demand schedule

• demand table

• demand curve

• demand response

states that the quantity demanded varies inversely with its price.

• law of conservation

• law of gravity

• law of balance

• law of demand

the amount of usefulness or satisfaction that someone gets from the use of a product

• market

• utility

• elasticity

• cromulence

the principle which states that the extra satisfaction we get from using additional quantities of the product begins to decline

• diminishing returns

• externalities

• law of demand

• diminishing marginal utility

An increase in income means people can afford to buy more at all possible prices

• Substitutes

• consumer tastes

• consumer income

• expectations

Consumers sometimes change their minds about the products they buy

• Substitutes

• consumer tastes

• consumer income

• expectations