4 Demand

Any place people come together to buy and sell goods or services

• market

• demand

• law of demand

• substitute

the willingness and ability of buyers to purchase different quantities of a good at different prices during a specific time period

• market

• demand

• elasticity of demand

• complement

A law stating that as the price of a good increases, the quantity demanded of the good decreases and that as the price of a good decreases, the quantity demanded of the good increases

• The law of Demand

• Elasticity of Demand

• Substitute

• Inferior good

The number of units of a good purchased at a specific price

• Elasticity of demand

• Quantity demanded

• law of demand

• normal good

a law stating that as a person consumes additional units of a good, the utility gained from each additional unit of a good will eventually decrease

• law of diminishing marginal utility

• law of demand

• elasticity of demand

• inferior good

The numerical representation of the law of demand

• demand schedule

• law of demand

• demand curve

• elasticity of demand

the graphical representation of the law of demand

• demand curve

• demand schedule

• law of demand

• elasticity of demand

A good for which the demand rises as income rises and falls as income falls

• normal good

• inferior good

• neutral good

• elastic good

a good for which the demand falls as income rises and rises as income falls

• normal good

• inferior good

• neutral good

• elastic good

a good for which the demand remains unchanged as income rises or falls

• normal good

• inferior good

• neutral good

• elastic good