Chapter 4 Economics

1. When demand is not sensitive to price change.
3. A good that a consumer will demand more of even when price increases.
5. All things held constant except for the price.
6. Goods that are used in the place of another.
8. Statistical information about populations of people.
12. The concept is that consumers will buy more of a good when the price is lower than when its price is higher.
13. When demand is sensitive to price change.
14. A good that consumers demand less of when price increases.
16. The entire amount of money a company receives by selling goods or services.
17. Demand whose elasticity is equal to one.

2. When buying the same amount of a good when its price increases but less of another good as a reaction to the price increase.
4. Consuming less of a good when its price goes up and more of another good instead.
7. A list of the quantity of a good that a group of people will buy at various prices.
8. A list of the quantity of a good that a person will buy at various prices.
9. The measure of how consumers react to price change.
10. A desire to own something and be able to buy it.
11. Two goods that are used together.
15. A graphic representation of a demand schedule.