Easy Economics Test

2. the desire to own something and the ability to pay for it
4. when consumers react to an increase in a good's price by consuming less of that good and more of a substitute good
6. a good that consumers demand less of when their incomes increase
8. a table that lists the quantity of a good a person will buy at various prices in a market
14. the change in consumption that results when a price increase causes real income to decline
15. describes demand whose elasticity is exactly equal to 1
16. describes demand that is not very sensitive to price changes
19. a measure of how consumers respond to price changes

1. two goods that are bought and used together
3. a graphic representation of a demand schedule
5. consumers will buy more of a good when its price is lower and less when its price is higher
7. good that used in place of one another
9. a table that lists the quantity of a good all consumers in a market will buy at various prices
10. a good that consumers demand more of when their incomes increase
11. the statistical characteristics of populations and population segments, especially when used to identify consumer markets
12. a Latin phrase that means "all other things held constant"
13. the amount of goods available
17. the total amount of money a company receives by selling goods or services
18. describes demand that is very sensitive to a change in price