| A | B |
|---|
| DEMAND | THE DESIRE, ABILITY, AND WILLINGNESS TO BUY A PRODUCT |
| MICROECONOMICS | THE AREA OF ECONOMICS THAT DEALS WITH BEHAVIOR AND DECISION MAKING BY SMALL UNITS SUCH AS INDIVIDUALS AND FIRMS |
| DEMAND SCHEDULE | A LISTING THAT SHOWS THE VARIOUS QUANTITIES DEMANDED OF A PARTICULAR PRODUCT AT ALL PRICES THAT MIGHT PREVAIL IN THE MARKET AT A GIVEN TIME |
| DEMAND CURVE | A GRAPH SHOWING THE QUANTITY DEMANDED AT EACH AND EVERY PRICE THAT MIGHT PREVAIL IN THE MARKET |
| LAW OF DEMAND | THE QUANTITY OF A GOOD OR SERVICE DEMANDED VARIES INVERSELY WITH ITS PRICE |
| MARKET DEMAND CURVE | THE DEMAND CURVE THAT SHOWS THE QUANTITIES DEMANDED BY EVERYONE WHO IS INTERESTED IN PURCHASING THE PRODUCT |
| MARGINAL UTILITY | THE EXTRA USEFULNESS OR SATISFACTION A PERSON GETS FROM AQUIRING OR USING ONE MORE UNIT OF A PRODUCT |
| DIMINISHING MARGINAL UTILITY | THE EXTRA OR ADDITIONAL SATISFACTION RECIEVED FROM USING ADDITIONAL QUANTITIES OF THE PRODUCT BEGINS TO DIMINISH |
| CHANGE IN QUANTITY DEMANDED | A MOVEMENT ALONG THE DEMAND CURVE THAT SHOWS A CHANGE IN THE QUANTITY OF THE PRODUCT PURCHASED IN RESPONSE TO A CHANGE IN PRICE |
| INCOME EFFECT | THE CHANGE IN QUANTITY DEMANDED BECAUSE OF A CHANGE IN PRICE THAT ALTERS CONSUMERS' REAL INCOME |
| SUBSTITION EFFECT | THE CHANGE IN QUANTITY DEMANDED BECAUSE OF THE CHANGE IN THE RELATIVE PRICE OF THE PRODUCT |
| CHANGE IN DEMAND | DEMAND INCREASES OR DECREASES BECAUSE PEOPLE ARE WILLING TO BUY DIFFERENT AMOUNTS OF THE PRODUCT AT THE SAME PRICE |
| SUBSTITUTES | PRODUCTS USED IN PLACE OF OTHER PRODUCTS |
| COMPLEMENTS | RELATED GOODS WHERE THE USE OF ONE INCREASES THE USE OF THE OTHER |
