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demand

the amount of goods and services people are willing and able to purchase at various prices during a specific time period

law of demand

an increase in prices causes a decrease in quantity demanded; a decrease in price causes an increase in quantity demanded

utility

amount of satisfaction a person receives from a good or service

elasticity of demand

a measure of how a consumer reacts to a change in price

demand schedule

a table that lists the quantity of a good a person will buy at various prices in the market

demand curve

a graphic representation of a demand schedule

normal good

a good that consumers demand more of when their income increases

inferior good

a good that consumers demand less of when their income increases

demographics

statistical characteristics of population or population segments

inelastic demand

demand that is not very sensitive to price changes; a small change in price causes a small change in quantity demanded

elastic demand

demand that is very sensitive to price changes; a small change in price causes a big change in quantity demanded

unitary elasticity

demand whose elasticity is exactly equal to 1

total revenue

the amount of money a company receives from selling goods or services; price x quantity

complements

two goods that are bought and used together

substitutes

goods that are used in place of one another

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