Econ chapter 4

a given change in price cuases a proportional change in quantity demanded

a given change in price causes a relatively smaller change in the quantity demanded

given change in price causes a relatively larger change in quantity demanded

extent to which a change in price causes a change in the quanitity demanded

measure of responsiveness that tells us how a dependent variable responds to a change in an independent variable

goods that are related to other goods

products that are used in place of other products

something that happens that causes the demand curve to shift

change in quantity demanded because of the change in the relative price of the product

the change in quantity demanded becasue of a change in price that alters consumers' real income

a movement along the demand curve that shows a change in the quantity of the product purchased in response to a change in price

states that the extra satisfaction we get from using additional quantities of the product beings to diminish

the extra usefullness or satisfaction a person gets from acquiring or using one more unit of a product

the demand curve that shows the quantities demanded by everyone who is interested in purchasing the product

states that the quantity demanded of a good or service varies inversely with its price

graph showing the quantity demanded at each and every price that might prevail in the market

listing that shows the various quantities demanded of a particular product at all prices that might prevail in the maket at a given time

area of economics that deals with behavior and decision making by small units

desire, ability, and willingness to buy a product