Economics Chapter 4

2. statistical characteristics of populations
4. Describes demand whose elasticity is exactly equal to one
8. A graphic representation of a demand schedule
9. A good that consumers demand more of when their incomes increase
12. goods used in place of one another
14. a table that lists the quantity of a good all consumers in a market will buy at each different price
17. the change in consumption resulting from a change in real income
18. A measure of how consumers react to a change in price

1. when consumers react to an increase in a good’s price by consuming less of that good and more of other goods
3. Describes demand that is very sensitive to a change in price
5. a Latin phrase that means “all other things held constant”
6. A good that consumers demand less of when their incomes increase
7. The total amount of money a firm receives by selling goods or services
10. A table that lists a quantity of a good a person will buy at each different price
11. Two goods that are bought and used together
13. Describes demand that is not very sensitive to a change in price
15. consumers buy more of a good when it’s price decreases and less when it increases
16. the desire to own something