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Sharon Lambert

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1.a change that is graphically represented as a movement along the demand curve (4 Words)
6.a given change in prices causes a realtively smaller change in the quantitiy demanded
8.products used to replace of other products
12.states that the quantity demanded varies inversely with its price (3 Words)
14.other related goods are known as these, because the use of one increase the use of the other
15.the extra usefulness or additional satisfaction a person gets from acquiring or using one more unit of product (2 Words)
17.when people decide to buy different amounts of th eproduct at the same price (3 Words)
18.the change in quantity demanded because of the change in the relative price of the product (2 Words)
19.a given change in price causes a proportional change in quantity demanded (2 Words)
20.people and firms act in their own best interests to answer the bsic WHAT, HOW AND FOR WHOM questions (2 Words)
2.the change in quantity demanded because of a change in price that alters consumers' real income (2 Words)
3.the part of economics theory that deals with behavior and decision making by individual units, such as people and firms
4.the extent to which a change in price causes a change in the quantity demanded (2 Words)
5.the principle that states that the extra satisfaction we get from using additional quantities of the product begins to decline (3 Words)
7.a graph showing the quantity demanded at each and every price that might prevail in the market (2 Words)
9.the demand curve that shows the quantities demanded by everyyone who is interested in purchasing the product (3 Words)
10.the desire, ability, and willingness to buy a product
11.shows the vaious quantites demanded of a praticular product all all prices taht might prevail in the market at a given time (2 Words)
13.a general measure of responsiveness--an important cause-and-effect relationship in economics
16.when a given change in price causes a realtively larger change in quantity demanded

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