Memory Game Demand TermsOnline version Econ Ch4.1 by Kim Jacoway Law of Demand The willingness, ability and desire to buy a product Marginal Utility Utility the principle which states that the extra satisfaction we get from using additional quantities of the product begins to diminish. Diminishing Marginal Utility the amount of usefulness or satisfaction that someone gets from the use of a product or service. Individual Demand Schedule Chart that shows the amount an individual is willing to pay for an item at multiple price points. the extra usefulness or satisfaction a person gets from acquiring or using one more unit of a product Graph that shows the amount an individual or a market will pay for a product at multiple price points Demand Market Demand Curve The quantity of a good or service demanded varies inversely with the price.
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