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11 Cards in this Set
- Front
- Back
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Demand
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The desire to won 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 lower and less when it's price is higher.
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Substitution Effect
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When consumers react to an increase in goods price by consuming less of that good and more of substitute good.
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Income Effect
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Change in consumption that results when a price increases causes real income to decline.
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Demand Schedule
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A table that lists the quantity of a good all consumers in a market will buy a various prices.
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Demand Curve
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A graphic representation of a Demand Scheduled.
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Normal Good
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A good that consumers demand more of when their income increased.
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Inferior Good
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A good consumers demand less of when their income increases.
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Demographics
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The statistical characteristics of population and population segments, especially when used to identify consumer market.
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Complements
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Two goods that are bought and used together.
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Substitutes
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Good that are used in place of one another.
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