Economic Vocab Activity-Chapter 4: Demand
the extra usefulness or satisfaction a person gets from acquiring or using one more unit of a product
is a listing that shows the various quantities demanded of a particular product at all prices.
The change in quantity demanded because of the change in the relative price of the product.
a measure of responsiveness that tells us how a dependent variable such as quantity responds to a change in an independent variable such as price
A chart used to list various prices and the quatity demanded at each price.
branch of economic theory that deals with behavior and decision making by small units such as individuals and firms
a given change in price causes a proportional change in the quantity demanded, a given change in price causes a relatively smaller change in the quantity demanded
the change in quantity demanded because of a change in price that alters consumers’ real income
the extent to which a change in price causes a change in the quantity demanded
Law of Demand
consumers buy more of a good when its price decreases and less when its price increases
a given change in price causes a proportional change in quantity demanded
Related goods where the use of one increases the use of the other