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Economics 3

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
income effects change in consumption resulting from a change in income
no changes other than price that could affect the consumer's decision demand curves are accurate only as long as there are
normal goods good that consumers demand more of when their income increases
inferior goods good that consumers demand less of when their income increases
used car, generic brands example of inferior goods
your demand will rise if you expect prices to rise
complements two goods that are bought and used together
substitutes goods used in place of one another
elasticity of demand measure of how consumers react to price changes
inelastic describes demand that is not very sensitive to change in price
elastic describes demand that is very sensitive to change in price
bottled water or computers example of elastic goods
but where the price began is the deciding factor percentage increases can be the same
substitutes, importance, N vs. L, and time 4 factors of elasticity of demand
you are more likely to buy it if the price increases if there are few substitutes for a good
total revenue total amount of money a firm receives by selling goods or service
Created by: pace_sauce