Chapter 4 Economics Vocabulary

2. demand for good that you will keep buying despite a price increase.
3. shows the quantities demanded at each price by all consumers in the market
8. Graphic representation of a demand schedule.
9. "all other things held constant".
11. demand whose elasticity is exactly equal to one.
12. statistical data relating to the population and particular groups within it.
13. goods used in place of one another.
15. when a person changes his or her consumption of goods and services as a result of a change in real income.
16. when a good's price is lower, consumers will buy more of it.
17. good that consumers demand more of when their incomes increase.
18. desire to own something and the ability to pay for it.

1. two goods that are brought and used together.
4. table that lists the quantity of a good that a person will purchase at each price.
5. when consumers react to an increase in a goods price by consuming less of that good and more of the other goods.
6. an increase in income causes demand for these goods to fall.
7. the way consumers respond to price changes.
10. is defined as the amount of money the company receives by selling its goods.
14. you buy much less of a good after a small price increase.