Study key terms and their definitions.
Date: 2015-10-07; view: 376.
A. Think about the items you bought during the past two months.
Lead-in
ü What influenced your purchases?
ü Did you need the items, or did you buy them because you wanted them?
Make a list of the items, and next to each one write why you bought it. Then add for each item whether you would have bought more if the price had been lower, or fewer had the price been higher.
B. Read Unit 7 to learn how economists interpret your actions.
1. Demand –ïîïèò-combination of desire, ability, and willingness to buy a product.
2. Demand schedule-øêàëà ïîïèòó -a table that lists how much of a product consumers will buy at all possible prices.
3. Demand curve –êðèâà ïîïèòó-a curve that shows the quantities demanded at all possible prices.
4. Quantity demanded –âåëè÷èíà ïîïèòó - amount of goods or services that are demanded at any given point in time; point on the demand curve.
5. Law of Demand –çàêîí ïîïèòó-rule stating that consumers will buy more of a product at lower prices and less at higher prices.
6. Market demand curve –ðèíêîâà êðèâà ïîïèòó-a curve that shows how much of a product all consumers will buy at all possible prices.
7. Marginal utility –ãðàíè÷íà êîðèñí³ñòü-additional satisfaction or usefulness a consumer gets from having one more unit of a product.
8. Diminishing marginal utility –ñïàäíà ãðàíè÷íà êîðèñí³ñòü-decrease in satisfaction or usefulness from having one more unit of the same product.
9. Change in quantity demanded –çì³íà âåëè÷èíè ïîïèòó-movement along the demand curve showing that the amount someone is willing to purchase changes when the price changes.
10. Change in demand –çì³íà ïîïèòó-shift of the demand curve when people buy different amounts at every price.
11. Substitutes –òîâàðè-çàì³ííèêè-competing products that can be used in place of one another.
12. Complements –òîâàðè-äîïîâíþâà÷³ -products that increase the use of other products.
13. Elasticity –åëàñòè÷í³ñòü-a measure of responsiveness that tells us how a dependent variable such as quantity responds to a change in an independent variable such as price
14. Demand elasticity –åëàñòè÷í³ñòü ïîïèòó-a measure that shows how a change in quantity demanded responds to a change in price.
15. Elastic – åëàñòè÷íèé -type of elasticity where the percentage change in the independent variable (usually price) causes a more than proportionate change in the dependent variable (usually quantity demanded or supplied)
16. Inelastic –íååëàñòè÷íèé-type of elasticity where the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied)
17. Unit elastic -îäèíè÷íà åëàñòè÷í³ñòü-type of elasticity where a change in price causes a proportional change in quantity demanded.
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