Economics Vocab 10/4

1. Two goods that are bought and used together
5. Describes demand whose elasticity is exactly equal to 1
8. A table that lists the quantity of a good all consumers in a market will buy at each different price
9. Goods used in place of one another
10. States that consumers buy more of a good when its prices decreases and less when its prices increase
12. Describes demand that is not very sensitive to a change in price
15. The change in consumption resulting from a change in real income
16. The desire to own something and the ability to pay for it

2. The change in consumption resulting from a change in real income
3. A graphic representation of a demand schedule DemandSchedule A table that lists the quantity of a good a person will buy at each different price
4. a good that consumers demand more of when their income increases
6. The total amount f money a firm receives by selling goods and services
7. A measure of how consumers react to a change in price
11. A Latin phrase that means "all other things held constant"
13. Describes demand that is very sensitive to a change in price
14. A good that consumers demand less of when their income increases