Term
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Definition
| The desire to own something and the ability to pay for it. |
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Term
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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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Term
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Definition
| When consumers react to an increase in a goods price by consuming less of that good and more of 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 a 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 income increases. |
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Term
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Definition
| A good that consumers demand less of when their income increases. |
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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 one 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 a demand that is not very sensitive to a change in price. |
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Term
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Definition
| Describes a demand that is very sensitive to a change in price. |
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Term
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Definition
| Describes a demand whose 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 or services. |
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