Demand vocabulary

Front

Complementary Goods

Back

Products that are often used together.

Front

Diminishing Marginal Utility

Back

Each additional unit of a product is less satisfying than the one before.

Front

Elasticity of Demand

Back

Changeability of amount demanded when price changes.

Front

Law of Demand

Back

Consumers buy more of a good when its price decreases and less when its price increases.

Front

Market Demand

Back

Total demand in the market at a given time.

Front

Quantity Demanded

Back

The amount of a good or service consumers are willing to buy at a specific price.

Front

Substitute

Back

A good or service that can replace another good or service.

Front

Supply

Back

The quantity of a product that producers are willing and able to sell at different prices.