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demand

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

substitutuon effect

when consumers react to an increase in a global price by consuming less of that good and more of other goods

income effect

the change in consumption resulting from a change in real income

demand schedule

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

demand curve

a graphic representation of a demand schedule

ceteris parinus

a lation phrase that means all other things held constant

normal good

a good that consumers demand more of when there incomes increase

inferiior good

a good that consumers demand less of when their incomes increase

complements

two good that are bought and used together

SUBSTITUTES

goods used in place of one another

elasticity of demand

a measure of how consumers react to a change in price

inelastic

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

elastic

describes demand that is very sensitive to a change in price

unitary elastic

describes demand whose elasticity is exactly equal to 1

total revenue

the total amount of money a firm recieves by selling good sand services

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