social credit 1

demand

It is defined as the quantity of goods and services that consumers are willing to buy at a given price and time.

money votes

purchases are considered as ?

The law of demand

it describes the general behavior of consumers

demand market

is a table that shows the quantity of a product demanded at different price levels at a given time.

individual demand

the demand for a product by a single buyer is known as?

market demand

The total demand across all consumers for a given product is known as?

clearance sale

is a period during which would sell products at a reduced price

Demand Curve

is a graphical way of presenting the data in a demand schedule. It is a visual presentation of the relationship between the price and the quantity

market demand schedule

the sum of two more individual demands for a particular product, presented in table form

canvassing prices

this is a product through which a buyer is able to compare prices and eventually makes a good buy

good buy

is a quality product bought at a cheaper price

utility theory

suggests that the prices of a product must be commensurate to it’s usefulness

a hypothetical unit for measuring consumers satisfaction

marginal utility

is the satisfaction derived from every additional unit of a product consumed

satiation point

when the util is already zero then it means that the consumer has already reached the?

change in quantity

demanded occurs when the demand for a product changes because its price also changes.

change in demand

happens when the demand for a product at a particular time increases or decreases even though the price is constant

substitute products

are goods that are alternative for each other .

competing products

are close substitute and noncompeting products that have similar function are less substitute products

complementary products

are products that are used together.