Economics Ch. 4

3. / consumers will buy more of a good when it's price is lower and less when its price is higher
4. / the total amount of money a company receives by selling goods or services
6. / a good that consumers demand less of when their incomes increase
7. / the change in cunsumption that results when a price increase causes real income to decline
8. / a table that lists the quantity of a good all consumers in a market will buy at various prices
11. / goods that are used in place of one another
12. / describes demand that is not very sensitive to prices changes
13. / describes demand whose elasticity is exactly equal to 1
16. / the statistical characteristics of populations and population segments, especially when used to idenifty consumer markets

1. / two goods that are bought and used together
2. / when consumers react to an increase in a good's price by consuming less of that good and more of a substitute good
5. / a graphic representation of a demand schedule
9. / a measure of how consumers respond to price changes
10. / a Latin phrase that means "all other things held constant"
14. / describes demand that is very sensitive to a change in price
15. / a good that consumers demand more of when their income increases