a relationship between the quantity of a product consumers are willing and able to purchase and the price A relationship between price and quanitity demanded All of the consumers who will purchase a particular product or service the amount of satisfaction a consumer receives from the consumption of a particular product or service natural resources, capital , equipment, and labor resources are owned by individuals rather than the government when the price of a product is increased, less will be demanded

1. demand

a relationship between the quantity of a product consumers are willing and able to purchase and the price

2. demand curve

A relationship between price and quanitity demanded

3. economic market

All of the consumers who will purchase a particular product or service

4. economic utility

the amount of satisfaction a consumer receives from the consumption of a particular product or service

5. economic resources

natural resources, capital , equipment, and labor

6. free economy

resources are owned by individuals rather than the government

7. law demand

when the price of a product is increased, less will be demanded. when the price is decreased, more will be demanded

8. law of supply

as the price goes down, fewer will be manufactured

9. macroeconomics

studies the economic behavior and relationships of an entire society