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Unit 2-1

Unit 2-1: Demand

TermDefinition
Demand The desire to own something and the ability to pay for it
Law of Demand Consumers buy more of a good when its price decreases and less when its price increases.
Substitution Effect When consumers react to an increase in a goods price by consuming less of that good and more of other goods
Income Effect The change in consumption resulting in a change in income
Demand Schedule A table that lists the quantity of a good a person will buy at each different price.
Market Demand Schedule A table that lists the quantity of a good all consumers will buy at each different price.
Demand Curve A graphic representation of a demand schedule
Ceteris Paribus Latin phrase meaning "all other things held constant"
Determinants of Demand Factors outside of price that cause the demand curve to shift left or right
Normal Goods A good that consumers demand more of when their income increases
Inferior Goods A good consumers demand less of when their income increases
Complements Two goods that are used together (i.e. Peanut Butter and Jelly)
Substitutes Goods that can be used in place of one another (i.e. Coke and Pepsi)
Elasticity of Demand How responsive consumers are to a change in price
inelastic demand demand that is not very sensitive to changes in price. (Steep slope)
elastic demand demand that is very sensitive to a change in price. (gradual slope)
Change in demand Situation where a change in a determinant of demand causes the curve to shift.
Change in quantity demanded Situation where a change in price causes movement along the curve. No shift.
Created by: croper1