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Vocabulary Chapters 4 - Blake Cordell 2nd PG Econ...

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Blake Cordell 2 nd PG- Econ. Vocabulary Chapters 4, 5, and 6 Definitions Unit 2- Chapter 4 Demand- the desire to purchase, coupled with the power to do so. Microeconomics- the branch of economics dealing with particular aspects of an economy, as the price-cost relationship of a firm. Demand Schedule- a table or graph showing the quantity of a product that is demanded at selected prices Demand Curve- a representation of how demand for something varies in relation to its price Law of Demand- As price goes up demand goes down and vice versa. The two are inversely proportionate. Market Demand Curve- a charted curve that shows variations in demand for a product as a function of the price charged for it Marginal utility- the increase in utility prompted by one extra unit of a given service or product Diminishing utility- Comes from a loss of production from an area of factors Change in quantity demanded- Results from a gain or loss demand Income effect-
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