the desire to own something and the ability to pay for it
law of demend
consumer s buy more of a good when its price decreasesand less when its price increases
when consumers react to an increase in a global 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 liststs the quantitiy of a good person will buy at each differnt price
market demand schedule
a tbale that lists the quantitty of a good all consumers in a market will buy at each differnt price
a graphic representation of a demand schedule
a lation phrase that means all other things held constant
a good that consumers demand more of when there incomes increase
a good that consumers demand less of when their incomes increase
two good that are bought and used together
goods used in place of one another
elasticity of demand
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
describes demand whose elasticity is exactly equal to 1
the total amount of money a firm recieves by selling good sand services
Please allow access to your computer’s microphone to use Voice Recording.
We can’t access your microphone!
Click the icon above to update your browser permissions above and try again
Reload the page to try again!
Press Cmd-0 to reset your zoom
Press Ctrl-0 to reset your zoom
It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.
Your microphone is muted
For help fixing this issue, see this FAQ.