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ECONOMICS ch 4

vocabulary

TermDefinition
demand curve a graphic representation of a demand schedule
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
market demand schedule a table that lists the quantity of a good all consumers in a market will buy at every different price
demand schedule a table that lists the quantity of a good a person will buy at each different price
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)
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)
normal goods a good that consumers demand when their income increases(you would buy more pizza if you start making more money)
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)
A demand curve shift because of income,consumer expectations, population, consumer tastes and advertising
revenue income received by a government from taxes and non taxed sources
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)
complementary goods two goods that are bought and used together(skis and ski boots)
Created by: beth weir
 

 



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