Demand Review

The desire, ability, and willingness to buy a product

• Demand
• Supply
• Quantity Demanded
• Quantity Supplied

Listing that shows the quantity demanded at all possible prices at a given time

• Demand Schedule
• Demand Curve
• Supply Schedule
• Supply Curve

The _{Law of Demand} states that

• more will be purchased at low prices than at high ones
• less will be purchased at low prices than at high prices
• all people have the ability, desire, and willingness to buy
• approximately the same amount will be purchased at low prices than at higher prices

The decrease in satisfaction or usefulness received from each additional unit of a product

• Marginal utility
• Diminishing marginal utility
• Demand
• Supply

Products that tend to be used together

• Elastic
• Inelastic
• Complements
• Substitutes

Area of economics that deals with behavior and decision making of small units

• Economics
• Microeconomics
• Macroeconomics

Products that can be used in place of other products

• Elastic
• Inelastic
• Complements
• Substitutes

The demand for an economic product varies inversely with its price

• Demand
• Supply
• Change in Quantity Demanded
• Change in Quantity Supplied

Type of elasticity where the percentage change causes a more than proportionate change in the dependent variable

• Elastic
• Inelastic
• Unit Elastic

Type of elasticity where the percentage change causes a less than proportionate change in the dependent variable

• Elastic
• Inelastic
• Unit Elastic