Term
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Definition
| The desire to own something and the ability to pay for it. |
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Definition
| consumers buy more of a good when its price decreases and less when its price increases. |
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Definition
| when consumers react to an increase in a good's price by consuming less of that goos and more of the other goods. |
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Term
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Definition
| the change in consumption resulting from a change in real income |
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Term
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Definition
| a table that lists the quantity of a good a person will buy at each different price. |
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Term
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Definition
| a table that lists the quantity of a good all consumers in the market will buy at each different price. |
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Term
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Definition
| a graphic representation of a demand schedule. |
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Term
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Definition
| a Latin phrase that means "all other things held constant" |
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Term
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Definition
| a good that consumers demand more of when their incomes increase. |
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Term
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Definition
| two goods that are bought and used together. |
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Term
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Definition
| goods used in place of another. |
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Term
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Definition
| a measure of how consumers react to a change in price. |
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Term
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Definition
| describes demand that is very sensitive to a change in price. |
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Term
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Definition
| describes demand who's elasticity is exactly equal to 1 |
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Term
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Definition
| the total amount of money a firm receives by selling goods of services |
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