vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| demand curve | a graphic representation of a demand schedule
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| law of demand | an economic law that states that consumers buy more of a good when its price decreases and less when its price increases
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| market demand schedule | a table that lists the quantity of a good all consumers in a market will buy at every different price
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| demand schedule | a table that lists the quantity of a good a person will buy at each different price
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| income effect | the change in consumption resulting from a change in real income(you buy less pizza or fewer sneakers because the price went up)
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| substitution effect | when consumers react to an increase in a good's price by consuming less of that good and more of other goods (when the price of pizza rises people buy tacos and salads)
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| normal goods | a good that consumers demand when their income increases(you would buy more pizza if you start making more money)
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| inferior goods | a good that consumers demand less of as their income increases(you would buy less mac and cheese if you made more money)
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| A demand curve shift | because of income,consumer expectations, population, consumer tastes and advertising
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| revenue | income received by a government from taxes and non taxed sources
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| elastic | demand that is very sensitive to a change in price(affected by the availability of substitutions, the importance, the necessity and the change over time)
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| complementary goods | two goods that are bought and used together(skis and ski boots)
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
beth weir
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