Economics Chapter 4

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Across
  1. 4. 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 will increase the demand for the other.
  2. 7. the portion of a change in quantity demanded caused by a change in a consumer's real income when the price of a product changes (moves on the line).
  3. 10. graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time.
  4. 12. a shift of the demand curve, which changes the quantity demanded at any given price.
  5. 13. the portion of a change in quantity demanded that is due to a change in the relative price of the good ( moves on the line).
  6. 16. listing showing the quantity demanded at all possible prices that might prevail in the market at a given time
  7. 19. The demand curve that shows the quantities demanded by everyone who is interested in purchasing the product.
  8. 20. additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product.
  9. 21. elasticity where a change in the independent variable (usually price) generates a proportional change of the dependent variable (quantity demanded or supplied) EQUAL to 1.
  10. 22. something that motivates a person to act.
  11. 23. decrease in additional satisfaction or usefulness as additional units of a product are acquired.
Down
  1. 1. Increase in income, Consumers demand shoots up do to fads, advertisements, etc., Substitutes have a price increase, Complements of a product have a decrease in price, Expectations- Consumers expect prices to rise in the future, Number of consumers in an area grows significantly
  2. 2. a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants.
  3. 3. Decrease of income, Consumers are no longer into the fad, Substitutes for a good become less expensive, Complements of a good increase in price, Expectations- consumers expect prices to go down in the future, Number of consumers drops in an area.
  4. 5. Found by multiplying the price of a product by the quantity demanded for any point along the demand curve/ used to determine elasticity when compared to change in price.
  5. 6. new-old/old x 100.
  6. 8. Goods that "go together"; a decrease in the price of one results in an increase in demand for the other and vice versa.
  7. 9. The extent to which a change in price causes a change in the quantity demanded.
  8. 11. rule stating that more will be demanded at lower prices and less at higher prices; inverse relationship between price and quantity demanded.
  9. 14. movement along the demand curve showing that a different quantity is purchased in response to a change in price.
  10. 15. 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) Greater than 1.
  11. 17. combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment.
  12. 18. case of demand elasticity where the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied) Less than 1.
  13. 19. branch of economic theory that deals with behavior and decision making by small units such as individuals and firms.