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Units 5/6/7
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21 Terms
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1
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Law of Demand
When the price of a product increases, demand will fall
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Law of Supply
When the price of a product increases, production will increase
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Demand
The amount of a good or service that consumers are willing and able to buy at different possible prices
4
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Graph of Demand
Goes down to the right
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Graph of Supply
Goes up and to the right
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Buying Power
The change in consumption patterns due to the change in purchasing power
7
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Income Effect
Same as buying power
8
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Diminishing Personal Value
As prices rise consumers will only buy what is most important
9
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Diminishing Marginal Utility
No matter the price the usefulness of a product will reduce with each additional product bought
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Substitute Goods
A good or service that can replace another good or service
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Complementary Goods
A good that is consumed with another good
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Price Elasticity of Demand
How much the price changes the quantity of demand
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Price Elasticity of Demand Formula
Percent change in quantity over percent change in demand
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Elastic
Sensitive to price changes
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Inelastic
Insensitive to price changes
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Determinants of Elasticity of Demand
Availability of substitutes, time horizon, category of product (Specific or broad), necessity vs. luxury, purchase size relative to consumer’s budget
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Relatively Elastic
PED >1 (more horizontal)
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Unit Elastic
PED=1
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Perfectly Elastic
PED = infinity (Horizontal Line)
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Relatively Inelastic
PED
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Perfectly Inelastic
PED= 0 (Vertical Line)
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