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8 Cards in this Set
- Front
- Back
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Demand |
Combination of desire, ability, and willingness to buy a product |
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Microeconomics |
Branch of economic theory that deals with behavior and decision making by small units such as individuals and firms |
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Demand Schedule |
Listing showing the quantity demanded at all possible prices that might prevail in the market at a given time |
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Demand Curve |
Graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time |
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Law of Demand |
Rule stating that more will be demanded at lower prices and less at higher prices; inverse relationship between price and quantity demanded |
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Market Demand Curve |
Demand curve that shows the quantities demanded by everyone who is interested in purchasing a product. |
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Marginal utility |
Satisfaction or usefulness obtained from aquiring one more unit of a product . |
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Diminishing marginal utility |
Decreasing satisfaction or usefulness as additional units of a product are aquired. |
