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Economics

Economics Chapter Four

QuestionAnswer
demand the desire to own something and the ability to pay for it
law of demand consumers will buy more of a good when its price is lower and less when its price is higher
substitution effect when consumers react to an increase in a good's price by consuming less of that good and more of a substitute good
income effect the change in consumption that results when a price increase causes real income to decline
demand schedule a table that lists the quantity of a good a person will buy at various prices in a market
market demand schedule a table that lists the quantity of a good all consumers in a market will buy at various prices
demand curve a graphic representation of a demand schedule
ceteris paribus a Latin phrase that means "all other things held constant"
normal good a good that consumers demand more of when their incomes increase
inferior good a good that consumers demand less of when their incomes increase
demographics the statistical characteristics of populations and population segments, especially when used to identify consumer markets
complements two goods that are bought and used together
substitutes goods that are used in place of one another
elasticity of demand a measure of how consumers respond to price changes
inelastic describes demand that is not very sensitive to price changes
elastic describes demand that is very sensitive to a change in price
unitary elastic describes demand whose elasticity is exactly equal to 1
total revenue the total amount of money a company receives by selling goods or services
Created by: sabrina.kizy
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