Economics Ch. 4

5. / the statistical characteristics of populations and population segments, especially when used to idenifty consumer markets
6. / a measure of how consumers respond to price changes
7. / a graphic representation of a demand schedule
8. / two goods that are bought and used together
9. / consumers will buy more of a good when it's price is lower and less when its price is higher
10. / describes demand whose elasticity is exactly equal to 1
11. / when consumers react to an increase in a good's price by consuming less of that good and more of a substitute good
15. / describes demand that is very sensitive to a change in price

1. / a good that consumers demand less of when their incomes increase
2. / a Latin phrase that means "all other things held constant"
3. / a table that lists the quantity of a good all consumers in a market will buy at various prices
4. / the total amount of money a company receives by selling goods or services
11. / goods that are used in place of one another
12. / the change in cunsumption that results when a price increase causes real income to decline
13. / describes demand that is not very sensitive to prices changes
14. / a good that consumers demand more of when their income increases