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Economics Ch 4
Economics Ch 4 12th Grade
| Question | Answer |
|---|---|
| dictates how drastically buyers will cut back or increase their demand for a good when the price rises or falls | elasticity of demand |
| is demand for a good that you will keep buying despite a price increase | inelastic |
| when you buy much less of a good after a small price increase | elastic |
| when elasticity is exactly equal to 1 | unitary elastic |
| the amount of money a company receives after selling its goods | total revenue |
| are goods that consumers demand more of when their income increases | normal goods |
| they are called inferior goods because an increase in income causes demand for these goods to fall | inferior goods |
| are goods that are bought and used together: skis and boots | complements |
| substitutes | are goods used in place of one another |
| the higher the price of pizza, the fewer slices people will buy | law of demand |
| eating salad or tacos instead of pizza when the price of pizza goes up | substitution effect |
| buying fewer slices of pizza when rising prices reduce real income | income effect |
| a table that lists the quantities of a good a person is willing to buy at each price | demand schedule |
| a table that lists the quantities of a good demanded by all consumers at each price | market demand schedule |
| a graphic representation of a demand schedule | demand curve |
Created by:
Ann Marie Brezosky
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