Across
- 4. competing products that can be used in place of one another; products related in such a way that an increase in the price of one will increase the demand for the other.
- 7. the portion of a change in quantity demanded caused by a change in a consumer's real income when the price of a product changes (moves on the line).
- 10. graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time.
- 12. a shift of the demand curve, which changes the quantity demanded at any given price.
- 13. the portion of a change in quantity demanded that is due to a change in the relative price of the good ( moves on the line).
- 16. listing showing the quantity demanded at all possible prices that might prevail in the market at a given time
- 19. The demand curve that shows the quantities demanded by everyone who is interested in purchasing the product.
- 20. additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product.
- 21. elasticity where a change in the independent variable (usually price) generates a proportional change of the dependent variable (quantity demanded or supplied) EQUAL to 1.
- 22. something that motivates a person to act.
- 23. decrease in additional satisfaction or usefulness as additional units of a product are acquired.
Down
- 1. Increase in income, Consumers demand shoots up do to fads, advertisements, etc., Substitutes have a price increase, Complements of a product have a decrease in price, Expectations- Consumers expect prices to rise in the future, Number of consumers in an area grows significantly
- 2. a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants.
- 3. Decrease of income, Consumers are no longer into the fad, Substitutes for a good become less expensive, Complements of a good increase in price, Expectations- consumers expect prices to go down in the future, Number of consumers drops in an area.
- 5. Found by multiplying the price of a product by the quantity demanded for any point along the demand curve/ used to determine elasticity when compared to change in price.
- 6. new-old/old x 100.
- 8. Goods that "go together"; a decrease in the price of one results in an increase in demand for the other and vice versa.
- 9. The extent to which a change in price causes a change in the quantity demanded.
- 11. rule stating that more will be demanded at lower prices and less at higher prices; inverse relationship between price and quantity demanded.
- 14. movement along the demand curve showing that a different quantity is purchased in response to a change in price.
- 15. type of elasticity in which a change in the independent variable (usually price) results in a larger change in the dependent variable (usually quantity demanded or supplied) Greater than 1.
- 17. combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment.
- 18. case of demand elasticity where the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied) Less than 1.
- 19. branch of economic theory that deals with behavior and decision making by small units such as individuals and firms.