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| in economic terms is that the amount of a good or service that a consumers is willing and able to buy at various possible prices buring a given time period |
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| is a slightly different concept that describes the amount of a good or service that a consumer is willing and able to buy at each particular price durning a given time period |
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| which states that an increase in a good's price cause a decrease in the quantitly demanded and that a decrease price cause an incause in the quanity demand |
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| the amount of money or income, that people have availible to spend on goods and services |
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| any increase or decrease in a consumers purchasing power caused by a change in price |
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| describes the tendency of consumers to substitute a similar, lower-price product for another product that is relatively more expensive |
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| diminishing marginal utility |
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| the natural decreases in the utility of a good or service as more units of it are consumed |
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| one usful way to show the relationship between the price of a good or service and the quantity that consumers demand |
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| a graphic representation of a demand schedule showing the relationship between the price of an item and the quantity demanded durning a given period with all other things being equal |
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| a nonprice factor that influences the amount of demand for a good or service |
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| goods that can be used to replace the purchase of similar goods when prices rise |
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| goods that are commonly used with other goods |
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| is the degree to which chnages in a goods price affect the quantity demanded by consumers |
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| exists when a small change in a goods price causes a major opposite change in the quantity demanded |
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| exists when a change in a goods price has little impact on the quantity demanded |
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| sometimes called total recepits refers to the total income that a business receives from selling its product |
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