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