Reading...
Play button
Play button
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;
15 Cards in this Set
- Front
- Back
|
a graphic representation of a demand schedule
|
demand curve
|
|
|
a good that replaces another demanded good
|
substitue
|
|
|
a good that consumers will demand more of whe their incomes increase
|
normal good
|
|
|
a good that is always used with another good
|
complement
|
|
|
the amount of money a company recieves by selling goods or services
|
total revenue
|
|
|
what happens when consumers react to an incresase in a good's price by consuming less of that good and more of other goods
|
substitution effect
|
|
|
a measure of how people change their buying patterns when prices change
|
elasticity of demand
|
|
|
the way that a change in price determines whether or not consumers buy goods
|
law of demand
|
|
|
the change in consumption resulthing from a change in real income
|
income effect
|
|
|
a good consumed instead of one whose price has risen
|
substitution
|
|
|
a good that is bought and used alond with another good
|
complement
|
|
|
the assumption that nothing but the price of a good will change
|
ceteris paribus
|
|
|
demand that is very sensitive to a change in price
|
elastic
|
|
|
a graphic representation of the quantities of a good that will be bouth at each price
|
demand curve
|
|
|
a good for which the demand falls when income rises
|
inferior good
|
