The desire, willingness, and ability to buy a product at different prices at different times.
What is Demand?
100
The inclination of people to buy less of something at higher prices than they would buy at lower prices
What is price effect?
100
A case where small change in price has a big change in the quantitiy demanded.
What is elastic?
100
The "movement" of a demand curve if the demand INCREASES for a product at each and every price.
What is a shift to the right?
100
The "movement" of the demand curve for Quizno's when Subway has their $5 footlong deal.
What is shift to the left?
200
The amount of a good or service that a consumer is willing and able to buy at a particular price during a particular time.
What is quantitity demanded?
200
The "factor contributing to the price effect" IF...Your mom gave you $15 for gas. When you go to the gas station you realize that gas prices went down 50 cents.
What is buying power?
200
The "elasticity of demand" for American Airline tickets
What is elastic?
200
The "change" in demand for "Ed Hardy" shirts if the price was decreased to $20, instead of $85.
What is an increase in demand?
200
The "movement" of the demand curve for beach towels right before spring break.
What is shift to the right?
300
As price goes down, the quantity demanded goes up.
As price goes up, the quantity demanded goes down.
What is law of demand?
300
The point reached when an additional unit of a product consumed is less satisfying than the one before it.
What is diminishing marginal utility?
300
A case where a small change in price makes little or no change in quantitiy demanded.
What is inelastic?
300
The "movement" of the demand curve for Dominos Pizza if Pizza Hut had every pizza 50% off.
What is a shift to the left?
300
The "factor that causes a shift in the demand curve" when the demand for beach towels increases for spring break.
What is Change in the weather or season?
400
A way of showing how much is demanded at each and every price.
What is demand curve?
400
The "factor contributing to the price effect": Your mom tells you to go to Rite-Aid to pick up her prescription. You do not have much gas and would rather use it to go to the movie theatre later. The movie theatre is more important to you.
What is diminishing personal value?
400
The "reason for a change in price elasticity" causing a brand new laptop to be elastic.
What is "Percentage of budget spent"?
400
The "factor that caused a shift in demand" if...your grades were bad on your report card and you lost your allowance for the week. Therefore you couldn't go to the movies Friday night (and your demand for Great Escape decreased).
What is change in income?
400
The "factor causing the demand curve to shift" when the demand for iphones increased.
What is change in styles, tastes, and habits.
500
The demand of ALL the people in the market for a good or service.
What is Market Demand?
500
The "factor contributing to price effect" if: For your Valentine you had planned on buying a box of Dove chocolate. Then you found out that it was $15! You instead decided on Russel Stovers since it was cheaper.
What is Substitution Effect?
500
A term for the situation where...The price of Pepsi icreases (GOES UP) but you still buy pepsi products, instead of the substition Coca-Cola.
What is brand loyalty?
500
The "factor of the shift in demand curve" if the demand for chocolate syrup goes down after ice-cream prices rise.
What is Prices or Availability of a Compliment?
500
The "factor causing the shift in demand" if...Wal-Mart sells out of potatoes in one week following the event of Idaho having a major flood and losing half of their potato crop. (REMEMBER the orange tree freezing example)