Economics-Chp.4 Vocab

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

1. desire to own something and the ability to pay for it.
2. demand that is not very sensitive to price changes.
3. goods that are bought and used together.
5. effect-when consumers react to an increase in a good's price by consuming less of that good and more of a substitute good.
6. elastic-describes demand whose elasticity is exactly is exactly equal to 1.
7. good-a good that consumers demand more of when their incomes increase.
8. paribus-a Latin phrase that means "all other things held constant".
10. schedule-a table that lists the quantity of a good a person will buy at various prices in a market.
13. effect-the change in consumption that results when a price increase causes real income to decline.
14. of demand-consumers will buy more of a good when its price is lower and less when its price is higher.
16. that are used in place of one another.