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economics ch 4-1,2,3

ec ch 4

QuestionAnswer
the desire to own something and the ability to pay for it demand
consumers will buy more of a good when its price is lower and less when its price is higher laws of demand
when consumers react to an increase in a good's price by consuming less of that good and more of a substitute good. substitution effect
the change in consumption that results when a price increase cause real income to decline income effect
a table that lists the quantity of a good a person will buy at various prices in a market demand schedule
a table that lists the quantity of a good all consumers in a market will buy at various prices. market demand schedule
a graphic representation of a demand schedule demand curve
a Latin phrase that means "all other things held constant" ceteris paribus
a good that consumers demand more of when their incomes increase normal good
a good that consumers demand less of when their incomes increase inferior good
the statistical characteristics of populations and population segments, especially used to identify consumer markets demographics
two goods that are bought and used together complements
goods that are used in place of one another substitutes
a sharp fall in demand after a price increase elastic
when demands stays about the same after price change inelastic
the amount of money a company receives from selling its goods total revenue
a measurement of how demand will change when prices change elasticity of demand
products with inelastic demand necessities
describes demand whose elasticity is equal to 1 unitary elastic
how do we decide what to buy? (3) 1. law of demand 2. consumes buy more of a good when price is lower and less of good when price is higher 3.Ex: pizza at $1, will result in people buying pizza. pizza at $4 will get most people to stop buying pizza and buying a substitute like burgers
Created by: MrGman200
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