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ECO Topic 3 Pt 1

ECO Topic 3 Vocabulary Pt 1 Pearson 2016

TermDefinition
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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