Term
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Definition
| amount of a good or service that a consumer is willing and able to buy at various possible prices during a given time period |
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Definition
| slightly different concept that describes the amount of a good/service that a consumer is willing and able to buy at each particular price during a given time period |
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Definition
| law that states that an increase in a good's price causes a decrease in the quantity demanded and that a decrease in price causes an increase in the quantity demanded |
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Definition
| amount of money, or income, that people have available to spend on good and services |
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Definition
| any increase or decrease in consumers' purchasing power caused by a change in price |
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Definition
| it describes the tendency of consumers to substitute a similar, lower-priced product for another product that is relatively more expensive |
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| Diminishing Marginal Utility |
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Definition
| natural decreases in the utility of a good or service as more units of it are consumed |
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Definition
| table that shows the relationship between the price of a good or service and the quantity that consumers demand |
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Definition
| graph that shows a demand schedual |
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Definition
| nonprice factor that influences the amount of demand for a good or service |
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Definition
| goods that can be used to replace the purchase of similar goods when prices rise |
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Definition
| goods that are commonly used with other goods |
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Definition
| degree to which changes in a good's price affect the quantity demanded by consumers |
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Definition
| exists when a small change in a good's price causes a major,opposite change in the quantity demanded |
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Definition
| exists when a change in a good's price has little impact on the quantity demanded |
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Term
| Total Revenue (Total Receipts) |
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Definition
| refers to the total income that a business receives from selling its products |
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