Chapter 4 Economics

3. A Latin phrase that means "all other things held constant"
9. the change in consumption resulting from a change in real income
10. A measure of how consumers react to a change in price
12. statistical information about populations of people
13. a good that consumers demand less of when their incomes increase
14. describes demand that is very sensitive to a change in price
15. a table that lists the quantity of a good all consumers in a market will buy at each different price
18. Goods that are used in place of one another

1. when consumers react to an increase in a good's price by consuming less of that good and more of other goods
2. describes demand that is not very sensitive to a change in price
4. A table that lists the quantity of a good a person (individual) will buy at each different price
5. Describes demand whose elasticity is exactly equal to 1
6. the total amount of money a firm receives by selling goods or services
7. States that consumers buy more of a good when its price decreases and less when its price increases
8. A good that consumers demand more of when their income increases
11. two goods that are bought and used together
16. the desire to own something and the ability to pay for it
17. a graph of a demand schedule