Economics Chapter 4 Vocab

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Across
  1. 6. the extent to which a change in price causes a change in the quantity demanded
  2. 7. change in _______ demanded; movement along the demand curve
  3. 8. combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment
  4. 12. consumer demand for different amounts at every price, causing the demand curve to shift to the left or the right
  5. 13. diminishing ________ utility; decrease in satisfaction
  6. 16. additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product
  7. 18. products that increase the use of other products
  8. 19. the portion of a change in quantity demanded that is due to a change in the relative price of the good
Down
  1. 1. 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 increases the demand for the other
  2. 2. rule stating that more will be demanded at lower prices and less at higher prices; an inverse relationship between price and quantity demanded
  3. 3. demand curve that shows the quantities demanded by everyone who is willing and able to purchase a product at all possible prices at one moment in time
  4. 4. listing showing the quantity demanded at all possible prices that might prevail in the market at a given time
  5. 5. a measure of responsiveness that tells us how a dependent variable, such as quantity demanded or quantity supplied, responds to a change in an independent variable, such as price
  6. 9. graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time
  7. 10. 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)
  8. 11. elasticity where a change in the independent variable (usually price) generates a proportional change of the dependent variable (quantity demanded or supplied)
  9. 14. 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)
  10. 15. branch of economic theory that deals with behavior and decision making by small units such as individuals and firms
  11. 17. that portion of a change in quantity demanded caused by a change in a consumer’s income when the price of a product changes