Econ 4
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20 Terms
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demand
desire to own
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law of demand
price affects quantity
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quantity demanded
amount people buy
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substitution effect
switch for cheaper
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income effect
money buys less
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demand schedule
price - quantity table
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market demand schedule
various prices
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demand curve
graphic of a demand schedule
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ceteris paribus
other things equal
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non-price determinants
other influencing factors
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normal goods
goods consumers want
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Inferior goods
buy in small amounts
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Complements
two goods combine
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Substitutes
Goods replacing alternatives
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Demographics
characteristics of populations
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elasticity of demand
demand changes price
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inelastic
unchanging with price
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elastic
changes significantly
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unitary elastic
equal demand change
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total revenue
total money from sells