Economics-Chp.4 Vocab

4. revenue-the total amount of money a company receives by selling goods or services.
6. of demand-a measure of how consumers respond to price changes.
8. goods that are bought and used together.
10. demand that is very sensitive to a change in price.
11. statistical characteristics of populations and population segments, especially when used to identify consumer markets.
13. demand schedule-a table that lists the quantity of a good all consumers in a market will buy at various prices.
15. schedule-a table that lists the quantity of a good a person will buy at various prices in a market.
16. good-a good that consumers demand more of when their incomes increase.
17. curve-a graphic representation of a demand schedule.

1. that are used in place of one another.
2. effect-when consumers react to an increase in a good's price by consuming less of that good and more of a substitute good.
3. demand that is not very sensitive to price changes.
5. of demand-consumers will buy more of a good when its price is lower and less when its price is higher.
7. paribus-a Latin phrase that means "all other things held constant"
9. effect-the change in consumption that results when a price increase causes real income to decline.
11. desire to own something and the ability to pay for it.
12. good-a good that consumers demand less of when their incomes increase.
14. elastic-describes demand whose elasticity is exactly is exactly equal to 1.