Economics Chapter 4

4. — The total amount earned from sales, calculated as price × quantity sold.
5. — Consumers buy more of a good when its price falls compared to substitute goods.
7. — A table showing the quantity demanded at different prices.
11. — The quantity of a good or service consumers are willing and able to buy at various prices.
12. — A table showing the total quantity demanded by all consumers at different prices.
13. — Demand where the percentage change in quantity demanded equals the percentage change in price.
14. — A good for which demand increases when income increases.
15. — Characteristics of a population, such as age, income, and education, that affect demand.
16. — A good for which demand decreases when income increases.
17. — Goods that can replace one another in consumption.

1. — Goods that are often used together, so demand for one affects demand for the other.
2. — A change in consumption caused by a change in a consumer's purchasing power.
3. — A measure of how responsive quantity demanded is to changes in price.
6. — As the price of a good rises, the quantity demanded falls, and as the price falls, the quantity demanded rises, ceteris paribus.
8. — Demand that changes significantly when price changes.
9. Demand that changes relatively little when price changes.
10. — A Latin phrase meaning "all other things being equal."
11. — A graph showing the relationship between price and quantity demanded.