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| substitution effect definitions | |||
|---|---|---|---|
| # | Definition | Sets | |
| 1 | when consumers react to an increase in a good's price by consuming less of that good and more of other goods | 22 sets | |
| 2 | when consumers react to an increase in a goods price by consuming less of that good and more of other goods | 5 sets | |
| 3 | the change in quantity demanded because of the change in the relative price of the product | 4 sets | |
| 4 | when consumers react to an increase in a good's price by consuming less that good or more of other goods | 3 sets | |
| 5 | that portion of a change in quantity demanded due to a change in the relative price of the product | 3 sets | |
| 6 | the change in the quantity demanded of a good that results from a change in price making the good more or less expensive relative to other goods that are substitutes. | 3 sets | |
| 7 | the change in the quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods that are substitues. | 3 sets | |
| 8 | when consumers react to an increase in a good's price by consuming less of that good and more of other goods. | 2 sets | |
| 9 | at a lower price, buyers have the incentive to substitute what is now a less expensive product for similar products that are now relatively more expensive ("better deal") | 2 sets | |
| 10 | describes the effects of changes in relative prices on consumption | 2 sets | |
| 11 | the reduction in quantity demanded because relative price has risen | 2 sets | |
| 12 | the change in the quantity demanded of a good that results from a change in price, making the good more or less expensive relative to the other goods that are substitutes | 2 sets | |
| 13 | when consumers react to an increase in a good's price by consuming less of that good and more of a substitute good | 2 sets | |
| 14 | consumers react to increase in price by buying something else more and that less | 2 sets | |
| 15 | the impact that a change in a product's price has on its relative expensiveness and consequently on the quantity demanded | 2 sets | |
| 16 | the change in the quantity demanded of a good that results because buyers switch to or from substitutes when the price of the good changes | 2 sets | |
| 17 | substitute work for leisure for higher wage rates | 2 sets | |
| 18 | when a consumer's real income is constant, the quantity demanded of a good changes as the relative price of the good changes | 2 sets | |
| 19 | the change in quantity demanded of a good whose relative price has changed that occurs when a consumer's real income is held constant. | 2 sets | |
| 20 | the change in quantity demanded of a good whose relative price has changed that occurs when a consumer's real income is held constant | 2 sets | |
| 21 | the change in quantity demanded because of the change in the relative price of the product. | 2 sets | |
| 22 | economic rule stating that if two items satisfy the same need and the price of one rises ppl will buy the other | 1 set | |
| 23 | a consumer will substitute a cheaper product for a more expensive one | 1 set | |
| 24 | ccurs because a change in the price of a good makes it relatively higher or lower than the prices of other goods that might act as substitutes. a higher price means that a good is more expensive relative to other goods, while a lower price means it's less expensive. | 1 set | |
| 25 | that portion of change in quantity demanded due to a change in the relative price of the product | 1 set | |
| 26 | choice of an alternative product that usually takes place when a consumer reacts to a rise in price of a good by consuming less of that good and more of something else | 1 set | |
| 27 | the change in quantity demanded because of the change in the relative price of a product as compared to a similar item | 1 set | |
| 28 | consumers' tendency to substitute a lower-priced good for a similar, higher-priced one. | 1 set | |
| 29 | the effect of a change in the price of a good or service on the amount purchased which results from the consumer substituting a relatively less expensive alternative. | 1 set | |
| 30 | portion of a change in quanity demaned due to a change in relative price of product | 1 set | |
| 31 | the change in quantity of a good demanded due to the change in the relative prices of goods | 1 set | |
| 32 | the effect of a change in price on the quantity demanded of a given good as it becomes a more attractive substitute to other products | 1 set | |
| 33 | if the price of a good that is a substitute for another falls, people will buy the substitute good | 1 set | |
| 34 | the change in demand for a good that is attributable to consumers substituting a product whose price has fallen due to the fact it is now relatively inexpensive compared to other goods | 1 set | |
| 35 | consumer reaction to an increase in price by consuming less of that good and more of other goods | 1 set | |
| 36 | the movement along a given indifference curve that results from a change in the relative prices of goods, holding real income constant. | 1 set | |
| 37 | change in quantity demanded because of the change in the relative price of the product | 1 set | |
| 38 | when consumers react to an increase in a goods price by consuming less of that and more of a substitute | 1 set | |
| 39 | consumers react to an increase in good's price by consuming less of that good and more of others | 1 set | |
| 40 | this refers to how people may buy a lower-priced product rather than a more expensiv product. this effect may change the demand for a good or service. | 1 set | |