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11 Cards in this Set

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  • Back
A schedule showing the amounts of a good or service that buyers (or the buyer) wish to purchase at various prices during some time period.
The principle that, other things equal, an increase in a product's price will reduce the quantity of it demanded, and conversely for a decrease in price
Law of Demand
A change in the quantity demanded of a product that results from the change in real income (purchasing power) caused by a change in the product's price
Income Effect
A change in the quantity demanded of a consumer god that results from a change in its relative expensiveness caused by a change in the product's price
substitution effect
a curve illustrating demand
demand curve
Factors other than price that determine the quantities demanded of a good or service
determinants of demand
A good or service whose consumption increases when income increases and falls when income decreases, price remaining constant
normal good
A good or service whose consumption declines as income rises, prices held constant.
Inferior good
Products or servies that can be used in place of each other.
substitute goods
Products and services that are used together. When the price of one falls, the demand for the other increases (and conversely).
complimentary goods
A movement of an entire demand curve or schedule such that the quantity demanded changes at every particular price
change in demand