Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
7 Cards in this Set
- Front
- Back
|
Demand |
The desire to own something and the ability to pay for it |
|
|
Law of demand |
When a goods price is lower, consumers will buy more of it |
|
|
Substitution effect |
When consumers react to an increase in a goods 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 |
