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7 Cards in this Set
- Front
- Back
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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 buy more of a hood when it's price decreases and less when price increases |
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Subtitution effect |
When consumers react to an increase in good's price by consuming less of that good and more of other goods |
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Income effect |
The change in consumption resulting from a change in real income |
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Demand schedule |
A table that lists the quantity of a good a person will buy at each different price |
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Markey 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 |
