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15 Cards in this Set
- Front
- Back
a graphic representation of a demand schedule
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demand curve
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a good that replaces another demanded good
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substitue
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a good that consumers will demand more of whe their incomes increase
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normal good
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a good that is always used with another good
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complement
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the amount of money a company recieves by selling goods or services
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total revenue
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what happens when consumers react to an incresase in a good's price by consuming less of that good and more of other goods
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substitution effect
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a measure of how people change their buying patterns when prices change
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elasticity of demand
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the way that a change in price determines whether or not consumers buy goods
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law of demand
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the change in consumption resulthing from a change in real income
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income effect
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a good consumed instead of one whose price has risen
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substitution
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a good that is bought and used alond with another good
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complement
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the assumption that nothing but the price of a good will change
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ceteris paribus
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demand that is very sensitive to a change in price
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elastic
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a graphic representation of the quantities of a good that will be bouth at each price
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demand curve
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a good for which the demand falls when income rises
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inferior good
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