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
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