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Economics
Econ Chapter 4
| Term | Definition |
|---|---|
| Ceteris Paribus | a latin phrase that means "all other things held constant" |
| Complements | two goods that are bought and used together |
| Demand | the desire to own something and the ability to pay for it |
| demand curve | a graphic representation of a demand schedule |
| demand schedule | a table that lists the quantity of a good a person will buy at each differnt price |
| elastic | describes demand that is very sensitive to a change in price |
| elasticity of demand | a measure of how consumers react to a change in price |
| income effect | change in consumption resulting from a challenge in real income |
| inelastic | described demand that is not very sensitive to a change in price |
| inferior good | a good that consumers demand less of when their incomes increase |
| law of demand | consumers buy more of a good when its price decreases and less when its proce increases |
| market demand schedule | a table that lists the quantity of a good all consumers in a market will buy at each differnt price |
| normal good | a good that consumers demand more of when their income increases |
| substitues | goods used in place of one another |
| substitution effect | when consumers react to an increase in a good's price by consuming less of that good and more of other goods |
| total revenue | the total amount of moeny a firm receives by selling goods or services |
| unitary elastic | describes demand whose elastcity is exactlt equal to 1 |
Created by:
halvy
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