Econ: CH. 4 Vocabulary

Value that is directly related to the benefits the owners receive from using a good

• value in use

• value in exchange

• law of demand

• diminishing marginal utility

The relationship between a good's price and the quantity that people are willing and able to pay.

• Value in use

• Price

• Income effect

• demand

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

• Marginal utility

• Market Price

• Total utility

• income effect

The amount that is paid for a particular good

• Market Price

• Price

• Total utility

• Income effect

Idea that the value of one unit of a good increases until the point that it is no longer useful, then it decreases

• Demand Schedule

• Total Utility

• Diminishing Marginal Utility

• Income effect

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

• Market price

• price

• value

• total utility

What a particular good is worth in exchange for some other good?

• Value in use

• Value in exchange

• demand schedule

• law of supply