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
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
a table that lists the quantity of a good a person will buy at various prices in the market
a graphic representation of a demand schedule
a good that consumers demand more of when their income increases
a good that consumers demand less of when their income increases
statistical characteristics of population or population segments
demand that is not very sensitive to price changes; a small change in price causes a small change in quantity demanded
demand that is very sensitive to price changes; a small change in price causes a big change in quantity demanded
demand whose elasticity is exactly equal to 1
the amount of money a company receives from selling goods or services; price x quantity
two goods that are bought and used together
goods that are used in place of one another
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