Econ Unit 2 Quiz 1

Front 1

demand

Back 1

desire to own something

Front 2

law of demand

Back 2

consumers will buy more of a good when its prices lower and less when its priced higher

Front 3

demand schedule

Back 3

a table that lists the quantity of a good that a person will purchase at various prices in the market

Front 4

demand curve

Back 4

a graphic representation of a demand schedule

Front 5

law of diminishing marginal utility

Back 5

a person increases consumption of a product while keeping other products constant

Front 6

income affect

Back 6

the change in consumption that results in response to changes in price

Front 7

substitution affect

Back 7

when a customer reacts to a rise in the price of one good by consuming less of that good and more of a substitute good

Front 8

Ceteris Parabus

Back 8

latin for "All other things held constant"

Front 9

Non-price determents

Back 9

factors other than price that can affect demand for a particular good or service

Front 10

normal goods

Back 10

a good that consumers demand more of when their income increases

Front 11

inferior goods

Back 11

a good that consumers demand less of when their income increases

Front 12

substitutes

Back 12

goods that are used in place of another

Front 13

compliments

Back 13

two goods that are bought and used together

Front 14

elasticity of demand

Back 14

a measure of the way quantity supplied reats to a change in price

Front 15

elastic

Back 15

describes demand that is very sensitive to a change in price

Front 16

inelastic

Back 16

describes demand that isn't very sensitive to price changes

Front 17

elastic good

Back 17

Soda

Front 18

inelastic good

Back 18

Insulin medicine