Chapter 4 Terms
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 | the desire to own something and the ability to pay for it
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| law of demand | consumers buy more of a good when its price decreases and less when its price increases
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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
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| income effect | the change in consumption resulting from a change in real income
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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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| market demand schedule | a table that lists the quantity of a good all consumers in a market will buy at each different price
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| demand curve | a graphic representation of a demand schedule
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| ceteris paribus | a Latin phrase that means "all other things held constant"
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| normal good | a good that consumers demand more of when their incomes increase
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| inferior good | a good that consumers demand less of when their incomes increase
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| complements | two goods that are bought and used together
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| substitutes | goods used in place of one another
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| elasticity of demand | a measure of how consumers react to a change in price
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| inelastic | describes demand that is not very sensitive to a change in price
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| elastic | describes demand that is very sensitive to a change in price
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| unitary elastic | describes demand whose elasticity is exactly equal to 1
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| total revenue | the total amount of money a firm receives by selling goods or services
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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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