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15 Cards in this Set

  • Front
  • Back
a graphic representation of a demand schedule
demand curve
a good that replaces another demanded good
a good that consumers will demand more of whe their incomes increase
normal good
a good that is always used with another good
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
a good that is bought and used alond with another good
the assumption that nothing but the price of a good will change
ceteris paribus
demand that is very sensitive to a change in price
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