Economics Vocabulary

5. literally means "all other things held constant"
7. consumers demand fewer of those when their income increases
8. lists that quality of a good that a person will purchase at various prices in a market
9. the statistical characteristics of populations
10. shows that quantities demanded by consumers at various prices in a market
12. the desire to own something and the means to pay for it
15. graph that demonstrated how the demand for a commodity or service varies with changes in its price
16. term of two goods that are brought and used together

1. takes place when a consumer reacts to a rise in the price of one good by consuming less of htat good and more of another good
2. factors that can lead to shifting of demand up or down
3. term for goods that are used in place of one another
4. takes place when consumers can no longer afford to buy the same combination of goods and cut back purchases
6. demand that is relatively unresponsive to price changes
11. how economists describe the way that consumers respond to price changes
13. consumers demand more of these when their income increases
14. demand that is very responsive to price changes- both increases and decreases