Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/15

Click to flip

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