Ch 4: Demand Terms

Ch 4: Demand Terms

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Marc Hefke

FREE Resource

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11 questions

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1.

FLASHCARD QUESTION

Front

Law of Demand

Back

consumers buy more of a good when its price decreases and less when its price increases

2.

FLASHCARD QUESTION

Front

Substitution Effect

Back

when consumers react to an increase in a good's price by consuming less of that good and more of other goods

3.

FLASHCARD QUESTION

Front

Income Effect

Back

the change in consumption resulting from a change in real income

4.

FLASHCARD QUESTION

Front

Demand Schedule

Back

a table that lists the quantity of a good a person will buy at each different price

5.

FLASHCARD QUESTION

Front

Market Demand Schedule

Back

a table that lists the quantity of a good all consumers in a market will buy at each different price

6.

FLASHCARD QUESTION

Front

Demand Curve

Back

a graphic representation of a demand schedule

7.

FLASHCARD QUESTION

Front

Ceteris Paribus

Back

a Latin phrase that means 'all other things held constant'

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