Demand Curve
Elasticity
Random
Changes
Holiday
100
This "law" describes the relationship between price and quantity demanded.
What is the Law of Demand?
100
When the % of demand increases but less than the % change in price.
What is inelastic?
100
A "table" or "chart" of the quantity demanded at various prices is called this.
What is the demand schedule?
100
This happens when there is a change in one of the determenants of demand.
What is a shift in the demand curve?
100
This frozen friend has a carrot nose and two eyes made out of coal.
Who is Frosty the Snowman?
200
Why are consumer demand and consumer wants not the same?
unlimited wants vs. scarce resources
200
When the % of demand increase is greater than the % change in price.
What is elastic?
200
This is a "graph" of the quantity demanded at various prices.
What is the demand curve?
200
These two goods represent what consumer income is used on.
What are normal and inferior goods?
200
This person (and his wife) made toys for orphans in Great Britain.
Who is St. Nicholas?
300
This concept describes how a relative price change will "effect" consumer choices.
What is the substitution effect?
300
This determinant of elasticity deals with other product/service "options".
What is the availability of substitutes?
300
This term answers the following equation: price * quantity demanded
What is total revenue?
300
These goods pair well with other goods.
What are complements?
300
This mythical being headed Santa Clause's sleigh with his luminary oddity.
Who is Rudolph?
400
This "relationship" causes the demand curve to slope downward.
What is the inverse relationship between price and demand.
400
This part of a consumer's budget is the most responsive to a price change.
What is the largest share of the consumer's budget?
400
This "satisfaction" is a feature of all consumption.
What is diminishing marginal utility?
400
Population can be describes by these two characteristics.
What are size and composition?
400
This "adorable" character loves the snow, and just wants to have his bad teeth taken out by a elvish dentist.
Who is the "abominable" snowman?
500
This term reflects how much your money is worth.
What is Real Income?
500
This causes the demand curve to tip/tilt.
What is time?
500
This is how the government hinders teenage smoking.
What is an increase in taxes?
500
This change takes into consideration the future income and/or the future price of a good.
What is a change in consumer expectations?
500
If you have philematophobia, you really don't want to stand under this holiday decoration.
What is the mistletoe?
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