Vocab Econ Chpt 4

The desire to own something and the ability to pay for it.

Consumers buy more of a good when its price decreases and less when its price increases.

When Consumers react to an increase in a good's price by consuming less of that good and more of other goods.

The change in consumption resulting from a change in real income.

A table that lists the quantity of a good a person will buy at each different price.

Table that lists the quantity of a good all consumers in a market will buy at each different price.

A graphic representation of a demand schedule.

Latin phrase that means "all other things held constant"

A good that consumers demand more of when their incomes increase.

A good that consumers demand less of when their incomes increase.

2 goods that are bought and used together.

Goods used in place of one another.

A measure of how consumers react to a change in price.

Describes demand that is not very sensitive to a change in price

Describes demand that is very sensitive to a change in price

Demand whose elasticity is exactly equal to one

total amount of money a firm receives by selling goods or services