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Definition
| The desire to own something and the ability to pay for it. |
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| Consumers buy more of a good when its price decreases and buy less of a good when its profit increases |
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Definition
| Reaction of consumers to a price increase |
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| A change in consumption resulting from a change in real income. |
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| amount of good that is brough not the amount of money spent to buy it |
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| a table that lists the quantity of a good a person will buy at each different price point. |
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| a table that lists the quantity of a good al consumers in a market will buy at each different price point |
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Definition
| a graphic representation of a demand schedule |
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Term
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Definition
| bad press, pop shift,govt study-good or bad, Bloody finger in chili |
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Definition
| Other factors considered may cause a shift to the right (increased) left (decrease) in demand |
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Definition
| a good that consumers demand more of when their income increases. |
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Definition
| a good that consumers demand less or when their income increases |
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Definition
| Ramon noodles, used cars, generic cereals |
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Definition
| salesperson mentions price of an item will be going up |
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Definition
| salesperson mentions sale starting next week |
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Definition
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| medical care, buicks, denture creme |
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Definition
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Definition
| Influence consumer and demand |
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Term
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Definition
| two goods that are bought and used together |
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| flatscreen tv/surround sound, computer/printer |
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Definition
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Definition
| goods used in place of one another |
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Definition
| the way consumers respond to price change |
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Term
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Definition
| demand is not very sensitive to a change inprice demands stay constant |
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Term
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Definition
| demand is very sensitive in a change in price (demand varies-up or down) |
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Definition
| amount of money the company recieves by selling goods |
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| prices rise,demand falls,revenue decreases |
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Definition
| how much of your budget you spend onthe good |
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