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7 Cards in this Set
- Front
- Back
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demand |
desire to own something and the ability to pay for it |
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demand curve |
graphic representation of a demand schedule |
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demand schedule |
table that lists the quantity of a good person will buy at each different price |
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income effect |
change in consumption resulting from a change in a real time |
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law of demand |
economic law that states that consumers buy more of a good when it's price decreases unless when it's price increases |
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market demand schedule |
table that lists the quantity of a good all consumers in a market will buy every different price |
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substitution effect |
when consumers react to an increase in a good price by consuming less of that good anymore of other goods |
