Textbook Notes (368,326)
Canada (161,799)
Economics (924)
ECN 104 (388)
Chapter 3

Chapter 3 Vocab

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ECN 104
Guido Raso

Chapter Two Vocab1 Demanda schedule or curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specified period of time 2 Law of demandother things equal as price falls the quantity demanded rises and viceversa 3 Diminishing marginal utility as a consumer increases the consumption of a good or service the marginal utility obtained from each additional unit of the good or service decreases 4 Income effecta change in the price of a product changes a consumers real income and thus the quantity of the product purchased 5 Substitution effecta change in the price of a product changes the relative expensiveness of that good and hence changes the willingness to buy it rather than other goods 6 Demand curvea curve illustrating the inverse relation between the quantity demanded of a good or s
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