Economics Ch 4 12th Grade
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| dictates how drastically buyers will cut back or increase their demand for a good when the price rises or falls | elasticity of demand
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| is demand for a good that you will keep buying despite a price increase | inelastic
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| when you buy much less of a good after a small price increase | elastic
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| when elasticity is exactly equal to 1 | unitary elastic
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| the amount of money a company receives after selling its goods | total revenue
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| are goods that consumers demand more of when their income increases | normal goods
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| they are called inferior goods because an increase in income causes demand for these goods to fall | inferior goods
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| are goods that are bought and used together: skis and boots | complements
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| substitutes | are goods used in place of one another
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| the higher the price of pizza, the fewer slices people will buy | law of demand
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| eating salad or tacos instead of pizza when the price of pizza goes up | substitution effect
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| buying fewer slices of pizza when rising prices reduce real income | income effect
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| a table that lists the quantities of a good a person is willing to buy at each price | demand schedule
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| a table that lists the quantities of a good demanded by all consumers at each price | market demand schedule
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| a graphic representation of a demand schedule | demand curve
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Ann Marie Brezosky
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