Economics Chapter 4

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Across
  1. 2. Combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment.
  2. 6. The portion of a change in quantity demanded that is due to a change in the relative price of the good.
  3. 7. A measure of responsiveness that tells us how a dependent variable, such as quantity demanded or quantity supplied, responds to a change in an independent variable such as price.
  4. 9. Different amounts of a product are demanded at every price. causing the demand curve to shift left or right.
  5. 10. Rule stating that more will be demanded at lower prices and less at higher prices; an inverse relationship between price and quantity demanded.
  6. 11. Products that increase the use of other products; products related in such a way that an increase in the price of one reduces the demand for both.
  7. 14. Branch of economic theory that deals with behavior and decision making by small units such as firms and individuals.
  8. 16. Additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product.
  9. 17. Competing products that can be used in place of one another; products related in such a way that an increase in the price of one increases the demand for the other.
  10. 18. That portion of a change in quantity demanded caused by a change in a consumers income when the price of a product changes.
  11. 19. Listing showing the quantity demanded at all possible prices that might prevail in the market at a given time.
Down
  1. 1. Movement along the demand curve showing that a different quantity is purchased in response to a change in price.
  2. 3. Decrease in additional satisfaction or usefulness as additional units of a product are acquired.
  3. 4. Graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time.
  4. 5. The extent to which a change in the quantity demanded; demand elasticity has 3 cases: elastic, inelastic, unit elastic.
  5. 8. Type of elasticity in which a change in the independent variable (usually price) results in a larger change in the dependent variable (usually quantity demanded or supplied).
  6. 12. Elasticity where a change in the independent variable (usually price) generates a proportional change of the dependent variable (quantity demanded or supplied).
  7. 13. Case of demand elasticity where the percentage change in the independent variable (usually price) causes a less than proportional change in the dependent variable (usually quantity demanded or supplied).
  8. 15. Something that motivates.
  9. 16. Demand curve that shows the quantities demanded by everyone who is willing and able to purchase a product at all possible prices at one moment in time.