guess that vocal.
The desire, willingness, and ability to buy a good or service
demand
goods for which demand goes up when income is higher and for which demand goes down when income is lower
normal goods
the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or to an individual
supply
why do we need supply and demand
Increased adaptability to demand volatility ...
Better external and internal collaboration ...
. More efficient and strategic resource allocation ...
Team empowerment ...
this refers to the demand of the product which have multiple use
Composite demand
consumers buy more of a good when its price decreases and less when the price increases
law of demand
competing products that can be used in the place of one another
substitutes
the portion of a change in quantity demanded due to change in a relative price of the product
substitution effect
the anticipation of consumer, firms, and others about future economic conditions that can shift the demand curve
consumer expectations
this refers to demand of product which are directly consumed by people
direct demand
a table that shows the relationship between the price of a good and the quality of demand
demand schedule
movement along the demand curve that shows a change in quantity of the product purchased in response to a change in price
the change in quantity demanded
If the product becomes popular its demand increases. If a product loses its popularity demand decreases.
consumer taste
an economic model of price determination in a market.
supply and demand
This refers to a kind of demand where products are ...
Jiont demand
the graph that shows the quantities demanded at each price
demand curve
good for which demand tends to fall when income rises
inferior goods
the extra usefulness or satisfaction a person gives from acquiring or using one more unit of a product
marginal unitity
products that increase the use of another product; product related in such a way that an increase in the price of one reduces the demand for both
complements
this refers to demand of product which are close substitution of each orther
composite demand
the principle that consumer experience diminishing additional satisfaction as they consume more of a good or service during a given period of time
law of diminishing marginal utiliity
a change in quantity demand of a good or service at every price; a shift of demand curve to the left or right
change in demand
the portion of a change in quantity demanded caused by a change in a consumer's income when the price of a product changes.
income effect
number of consumer
when demand of a product is derived from the demand of any other product, such as demand is called...
derived demand