Term
| the willingness and ability of consumers to buy goods and services at various prices during a given time period |
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| states that consumers buy more of a good when its price decreases and less when its price increases |
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| when consumers react to an increase in a good’s price by consuming less of that good and more of other goods |
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Term
| the change in consumption resulting from a change in real income |
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Term
| a table that lists the quantity of a good a person will buy at each different price |
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Term
| a graphic representation of a demand schedule |
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| Latin phrase meaning “all other things held constant |
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Term
| a good that consumers demand more of when their incomes increase |
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Term
| a good that consumers demand less of when their incomes increase |
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Term
| two goods that are bought and used together |
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| goods used in place on one another |
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| describes demand that is not very sensitive to a change in price |
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| describes demand that is very sensitive to a change in price |
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Term
| a measure of how consumers react to a change in price |
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Definition
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Term
| the total amount of money a firm receives by selling goods and services (P X Q) |
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