Economics

6. The desire to own something and the ability to pay for it.
7. when consumers react to an increase in a good's price by consuming less of that good and ore of a substitute good.
11. the statistical characteristics of populations and population segments, especially when used to identify consumers markets.
12. a graphic representation of a demand schedule
14. describe demand that is very sensitive to a change in price.
16. consumer will buy more of a good when its price is lower and less when its price is higher.
17. goods that are used in place of one another.
18. A table that lists the good a person will buy at various prices in a market.

1. a measure of how consumers respond to price changes.
2. a table that lists the quantity of a good all consumers in a market will buy at various prices
3. the total amount of money a consumer receives by selling goods or services
4. describes demand whose elasticity is exactly equal to 1.
5. a latin phrase that means "all other things held constant"
8. The change in consumption that result when a price increase causes real income to decline.
9. a good that consumers demand less of when their income increase.
10. a good that consumers demand me of when their incomes increase.
13. two goods that are bought and used together.
15. describes demand that is not very sensitive to price changes.