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ECO Topic 3 Pt 1
ECO Topic 3 Vocabulary Pt 1 Pearson 2016
| Term | Definition |
|---|---|
| demand | the desire to own something and the ability to pay for it |
| law of demand | consumers will buy more of a good when its price is lower and less when its price is higher |
| substitution effect | when consumers react to an increase in a good's price by consuming less of that good and more of a substitute good |
| demand schedule | a table that lists the quantity of a good a person will buy at various prices in the market |
| market demand schedule | a table that lists the quantity of a good all consumers in a market will buy at each different price |
| demand curve | a graphic representation of a demand schedule |
| inelastic | describes demand that is not very sensitive to price changes |
| elastic | describes demand that is very sensitive to a change in price |
| total revenue | the total amount of money a company receives by selling goods or services |
| supply | the amount of goods available |
| law of supply | producers offer more of a good as its price increases and less as its price falls |
| quantity supplied | the amount that a supplier is willing and able to supply at a specific price |
| supply schedule | a chart that lists how much of a good a supplier will offer at various prices |
| variable | a factor that can change |
| market supply schedule | a chart that lists how much of a good all suppliers will offer at various prices |
| supply curve | a graph of the quantity supplied of a good at various prices |
| market supply curve | a graph of the quantity supplied of a good by all suppliers at various prices |
| elasticity of supply | a measure of the way quantity supplied reacts to a change in price |
| normal good | a good that consumers demand more of when their incomes increase |
| inferior good | a good that consumers demand less of when their incomes increase |
| demographics | the statistical characteristics of populations and population segments, especially when used to identify consumer markets |
| complements | two goods that are bought and used together |
| substitutes | goods that are used in place of one another |
Created by:
cwarsing
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