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Mr. Smith

Chapter 4 Terms

TermsDefinitions
demand the desire to own something and the ability to pay for it
law of demand consumers buy more of a good when its price decreases and less when its price increases
substitution effect when consumers react to an increase in a good's price by consuming less of that good and more of other goods
income effect the change in consumption resulting from a change in real income
demand schedule a table that lists the quantity of a good a person will buy at each different price
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
ceteris paribus a Latin phrase that means "all other things held constant"
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
complements two goods that are bought and used together
substitutes goods used in place of one another
elasticity of demand a measure of how consumers react to a change in price
inelastic describes demand that is not very sensitive to a change in price
elastic describes demand that is very sensitive to a change in price
unitary elastic describes demand whose elasticity is exactly equal to 1
total revenue the total amount of money a firm receives by selling goods or services
Created by: jessicahunsucker