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7 Cards in this Set
- Front
- Back
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demand
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the desire to own something and the ability to pay for it
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law of demand
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consumers will buy more of a good when it's price is lower and less when price is higher
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substitution effect
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when consumers react to an increase in a goods price by consuming less if that goo and more of a substitute good
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income effect
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the change in consumption that results when a price increase causes real income to decline
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demand schedule
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a table that lists the quantity of a good a person will buy at various prices in a market
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market demand schedule
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a table that lists the quantity 9 a good all consumers in a market will buy at various prices
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demand curve
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a graphic representation of a demand schedule
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