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11 Cards in this Set
- Front
- Back
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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.
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Demand
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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
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Law of Demand
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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
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Income Effect
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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
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substitution effect
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a curve illustrating demand
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demand curve
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Factors other than price that determine the quantities demanded of a good or service
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determinants of demand
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A good or service whose consumption increases when income increases and falls when income decreases, price remaining constant
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normal good
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A good or service whose consumption declines as income rises, prices held constant.
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Inferior good
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Products or servies that can be used in place of each other.
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substitute goods
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Products and services that are used together. When the price of one falls, the demand for the other increases (and conversely).
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complimentary goods
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A movement of an entire demand curve or schedule such that the quantity demanded changes at every particular price
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change in demand
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