Chapter 4 "Demand"

desire, ability, and willingness to buy a product

• demand schedule

• demand

• microeconomics

• substitution effect

extra usefulness gained from using one more unit of a product

• elasticity

• elastic

• marginal utility

• substitutes

listing that shows the quantities demanded of a product at all prices

• demand

• change in quantity demanded

• unit elastic

• demand schedule

measure of consumer responsiveness that shows how a dependent variable responds to a change in an independent variable

• elasticity

• unit elastic

• marginal utility

• demand schedule

products used in place of other products

• change in quantity demanded

• substitution effect

• substitutes

• elastic

Elastic means...

• measure of consumer responsiveness that shows how a dependent variable responds to a change in an independent variable

• part of economic theory that deals with behavior and decision making by individual units

• describes change in demand when a change in price causes a relatively larger change in quantity demanded

• desire, ability, and willingness to buy a product

Microeconomics is...

• listing that shows the quantities demanded of a product at all prices

• part of economic theory that deals with behavior and decision making by individual units

• change in demand when a given change in price causes a proportional change in quantity demanded

• extra usefulness gained from using one more unit of a product

Unit Elastic...

• is the desire, ability, and willingness to buy a product

• part of economic theory that deals with behavior and decision making by individual units

• describes change in demand when a change in price causes a relatively larger change in quantity demanded

• describes change in demand when a given change in price causes a proportional change in quantity demanded

Change in quantity demanded is...

• a change that is graphically represented as movement along the demand curve

• part of economic theory that deals with behavior and decision making by individual units

• a change in quantity demanded due to a change in the relative price of the product

• a measure of consumer responsiveness that shows how a dependent variable responds to a change in an independent variable

graph showing the quantity demanded at every price

• market demand curve

• Law of Demand

• demand curve

• complements