Part I.
1. Utility - The satisfaction received from a product; the need or want that a good or service satisfies.
The utility that I receive from drinking water is that it quenches my thirst and keeps me alive.
2. Complementary Demand - When the demand of one product is generally tied to the demand of another, and vice versa.
Hot dogs and hot dog buns have complementary demand because you usually don't use one without the other.
3. Substitute Demand - An instance in which one product can be replaced by another with similar qualities and that falls under the same product category.
Coca Cola and Pepsi have substitute demand for one another.
4. Elastic Demand - When a certain product has a varying demand.
The demand for cookies is very elastic, when prices go up, people tend to buy less.
5. Inelastic Demand - When a certain product does not have drastic changes in demand despite it's price.
Gas has very inelastic demand, people tend to purchase the same amount despite it's price.
Part II.
Elastic
Inelastic
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