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Demand
Vocabulary
Elastic or Inelastic
Goods
Misc
100
What you expect prices to do in the future can influence your buying habits today
What is Consumer expectations
100
The willingness to buy a good or service and the willingness to pay for it.
What is Demand
100
Demand that is greater than one
What is elastic
100
Goods that consumers demand less of when their income rises
What is Inferior goods
100
When this increases consumers buy more
What is income
200
Cereal and milk are an example of
What is Compliments
200
A listing of how much of an item an individual is willing to purchase at each price.
What is a Demand Schedule
200
the term that describes a demand of less than one
What is inelastic
200
goods and services that can be used in place of each other
What are substitutes
200
When this grows a demand curve will shift to the right
What is Market size
300
this is used to measure elacticity by multiplying the price of a product by the quantity demanded
What is Total Revenue
300
occurs when something prompts consumers to buy different amounts at every price
What is Change in demand
300
a product that people need
What is inelastic
300
The demand curve for this type of good shifts left when income increases
What are inferior goods
300
the popularity of an item has a strong effect on its demand. This is a factor known as
What is consumer taste
400
a listing of how much of an item all consumers are willing to purchase at each price
What is Market demand schedule
400
an increase or decrease in the amount demanded because of a change in price
What is Change in quantity demanded
400
A demand that is very sensitive to price change
What is elastic
400
A demand curve shifts to the right for these goods when income rises
What are normal goods
400
The demand for antibiotics remains
What is inelastic?
500
In California, during the months of November to April, the market demand curve for swimsuits shifts
What is to the left
500
A Latin phrase that means "all other things held constant"
What is ceteris paribus?
500
When elasticity is equal to one
What is unit elastic
500
rise in demand for one good creates a rise in demand for another good
What are compliments
500
original - new ___________ x100 original
What the formula for percentage change?