Demand
The amount of a good or service that producers are able and willing to sell at various prices
What is Supply
A normal proportional change of the dependent variable
What is Unit Elasticity
An 'inferior good' means what when consumer income changes?
Demand decreases when income increases
Economic rule stating that the price and quantity supplied move in the same direction
What is Law of Supply
Latin phrase 'ceteris paribus'
All things being equal
You make more money so your quantity demanded will change.
What is Income effect
The amount of a good or service that a producer is willing to supply at a specific price
What is Quantity Supplied
Name pairs that complement each other
example:
PB & J Could be anything that is bought together
Situation in which a products price change has little impact on the quantity demanded by consumers
What is Inelasticity
What primarily drives rose prices on Valentine's Day?
Increased demand
Why does demand become more elastic over time?
Consumers find more substitutes
Products that increase the use of other products. Typically bought together to enhance the product
What is complements
A table showing the relationship between price and quantity supplied is called
What is Supply Schedule
The cost of producing one more unit is called the
What is Marginal Cost
Total revenue represents what in business?
Total money received from sales