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T-EPF M1L4 Key Terms
Traditional EPF Module 1 Lesson 4 Key Terms
| Term | Definition |
|---|---|
| Demand | The willingness of consumers to purchase goods at various prices. |
| Law of Demand | States that as price decreases people are willing and able to buy more and as price increases people are willing and able to buy less. |
| Demand Schedule | A table that shows the quantity consumers will purchase at different prices. |
| Demand Curve | Graphic representation of the relationship between price and quantity. |
| Quantity Demand | The quantity of a particular good or service the customer is willing to purchase at a set price. |
| Complimentary Good | Two goods that are typically consumed together (ex. peanut butter and jelly). |
| Substitute Good | Two goods that are acceptable replacements (ex. Pepsi and Coke/iPhone and Android). |
| Elasticity of Demand | Explains why the demand may or may not change following a price change depending on the level of need of the item. |
| Inelastic Demand | Demand that is typically not changed when price changes, most often a good that you would buy at any price (medicine, milk, gas). |
| Elastic Demand | Demand that will change if price changes, typically a good that has many substitutes (soda, candy, cars, and luxury items). |
Created by:
dmcsorley13
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