Economics Chapter 4

3. Products that are used together so the increase or decrease in demand for one will result in an increase or decrease in demand for the other
4. describes demand that is very sensitive to price changes
8. describes demand whose elasticity is exactly equal to 1
10. describes demand that is not very sensitive to price changes
13. goods that consumers demand more of when their incomes rise
14. a measure of how consumers respond to price changes
15. A graph that shows the demand schedule or how much of a good or service an individual is able to purchase at each price
16. the desire, ability, and willingness to buy a product
17. a table that lists the quantity of a good all consumers in a market will buy at various prices
18. Products that can be used in place of other products to satisfy consumer wants

1. the statistical characteristics of populations and population segments, especially when used to identify consumer markets
2. change in quantity demanded due to a change in the price that alters a consumer's real income
5. a Latin phrase that means "all other things held constant"
6. a change in quantity demanded due to a change in the relative price of a product
7. goods that consumers demand less of when their incomes rise
9. the total amount of money a company receives by selling goods or services
11. more of a product will be purchased at low prices than at high ones
12. A table that shows how much of a good or service an individual is willing and able to purchase at each price