Economics- Demand

4. the process of freely exchanging goods and services between buyers and sellers.
5. effect, consumers ability to substitute other products for the focal brand and increase price elasticity of demand for the focal brand
7. demanded, term used in economics to describe the total amount of goods or services demanded at any given point in time.
8. income effect, refers to the income of an individual or group after taking into consideration the effects of inflation on purchasing power
9. how much of a good or service a producer is willing and able to produce at different prices.

1. utility, the benefit gained from consuming one additional unit of a good or service
2. quantity of a good or service that consumers are willing and able to buy.
3. exchange, the act of buyers and sellers freely and willingly engaging in market transactions
6. the ability of any good or service to satisfy consumer wants
10. of diminishing marginal utility, law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product