Demand: how much (quantity) of a product or service is desired by buyers Supply: How much of the good or service the market has to/can offer Law of Demand: All other factors remaining equal, as the price of a good goes up, the demand for that good goes down. Law of Supply: As the price of a good goes up, so does the quantity supplied

Utility: Satisfaction/benefit that an individual gains from consuming a given good/service. Total Utility: is the total combined utility of all units consumed Marginal Utility: the additional amount of satisfaction/benefit gained for each additional unit consumed Diminishing Returns: The marginal utility for each additional unit goes down