| A | B |
|---|
| Demand | The desire, ability, and willingness to buy a product. |
| Microeconomics | Area of economics that deals with small units. |
| Demand curve | A graph showing the quantity demanded at each and every price that might prevail in the market. |
| Law of Demand | The law that states the quantity demanded of a good varies inversely with the price of it. |
| 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 a consumer gets from a product. |
| Income effect | The change in quantity demanded because of a change in price that alters consumers real income. |
| Substitution effect | The change in quantity demanded because of the change in the relative price of the product. |
| Change in demand | Shifts graph to the left, Due to people buying different amounts of the product at the same price. |
| Substitutes | Products that can be used in place of other products. |
| Complements | Increases the use of another product. |
