Vocabulary
Demand
The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
Demand schedule
A list that illustrates the possible quantities demanded of a good/service at the prices that might work in the market at a particular time.
Individual demand curve
A graph showing the quantity of demand for a certain individual at each price that might be used in the market at a given time; the demand curve slopes downward.
Law of Demand
The quantity demanded of a good/service varies inversely with its price.
Market demand curve
The quantities demanded by everyone who is interested in buying a product.
Marginal utility
The extra usefulness/satisfaction one gets from getting or using one more unit of a product.
Diminishing marginal utility
The satisfaction we gain from buying a product lessens as we buy more of the same product.
Change in quantity demanded
Shows a change in the amount of a product purchased when there is a change in price.
Change in demand
People buy different amounts of the product at the same prices.