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