| A | B |
|---|
| demand | a relation showing the quantities of a good that consumers are willing/able to buy at various prices per period, other things constant |
| demand curve | a graph showing quantities of a particular good that will be demanded at various prices dring a given time period, other things constant |
| quantity demanded | The amount of a product that is demanded at a particular price |
| elasticity of demand | Measures how responsive quantity demanded is to a price change |
| individual demand | The demand of a single consumer in the market place |
| law of demand | The quantity of a good demanded per period relates inversely to its price, other things constant. |
| law of diminishing marginal utility | The more of a good a person consumes per period, the smaller the increase in total utility from consuming one more unit, other things constant. |
| marginal utility | The change in total utility resulting from a one unit increase in consumption of a particular product. |
| market demand | The sum of the individual demand of all consumers in the market |
| movement along a given demand curve | An increase or decrease in demand that results from a change in a determinant or demand |
| quantity demanded | The amount of a product that is demanded at a particular price. |
| shift of a demand curve | A change in the quantity of a product demanded that results from a change in the product's price. |
| tastes | Consumer preferences, assumed to be constant along a given demand curve. |
| total revenue | Price multiplied by the quantity demanded at that price |
