economics vocab chapter 4

12345678910111213141516171819
Across
  1. 2. decrease in additional satisfaction or usefulness as additional units of a product are acquired.
  2. 7. that portion of a change in quantity demanded cause by a change in a consumer's income when the price of a product changes.
  3. 8. elasticity where a change in the independent variable generates a proportional change of the dependent variable.
  4. 12. graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time.
  5. 13. competing products that can be used in place of one another.
  6. 15. listing showing the quantity demanded at all possible prices that might prevail in the market at a given time.
  7. 16. something that motivates.
  8. 18. measure of responsiveness that tells us how a dependent variable such as quantity demanded or quantity supplied responds to a change in independent variable such as price.
  9. 19. movement along the demand curve showing that a different quantity is purchased in response to a change in price.
Down
  1. 1. branch of economic theory that deals with behavior and decision making by small units such as individuals and firms.
  2. 3. products that increase the use of other products.
  3. 4. case of demand elasticity where the percentage change in the independent variable causes a less than proportionate change in the dependent variable.
  4. 5. additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product.
  5. 6. the extent to which a change in price causes a change in the quantity demanded.
  6. 9. rule stating that more will be demanded at lower prices and less at higher prices.
  7. 10. 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.
  8. 11. the portion of a change in quantity demanded that is due to a change in the relative price of the good.
  9. 14. type of elasticity in which a change in the independent variable results in a larger change in the dependent variable.
  10. 15. combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment.
  11. 17. different amounts of a product are demanded at every price causing the demand curve to shift to the left or to the right.