4.1- 4.3 Economics Vocab.

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Across
  1. 2. demand schedule- shows the quantities demanded at each price by all consumers in the market.
  2. 5. schedule- is a table that lists the quantity of a good that a person will purchase at each price in a market.
  3. 8. paribus- a Latin phrase economists use meaning “all other things held constant”.
  4. 9. elasticity of demand- is a measure of how consumers react to a change in price.
  5. 10. demand for a good that is very sensitive to change
  6. 11. are goods used in place of another.
  7. 13. good- is a good consumer demand less of when their income decreases
  8. 14. good- is a good that consumes demand more when their income increases.
Down
  1. 1. of demand- is a fundamental principle of economics that states that at a higher price consumers will demand a lower quantity of a good
  2. 3. revenue- is the total amount of money the company receives from selling its goods or services.
  3. 4. - are two goods that are brought together and used together.
  4. 5. is the desire to own something and the ability to pay for it.
  5. 6. demand for a good that consumers will continue to buy despite a price change.
  6. 7. effect- is one component of the effect of a change in the price of a good upon the amount of that good demanded by a consumer, the other being the income effect.
  7. 12. elastic-