Ch 4: Demand

Front

Demand

Back

The desire to own something and the ability to pay for it.

Front

Law of Demand

Back

Explains consumer behavior where people buy more of a good when prices drop, and less when prices go up.

Front

Demand Schedule

Back

A table that lists the quantity of a good that will be purchased at different prices.

Front

Demand Curve

Back

A graphic representation of a demand schedule.

Front

Ceteris Paribus

Back

A Latin term referring to 'all other things held constant.'

Front

Individual Demand Schedule

Back

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

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.

Front

Population

Back

Changes in population will affect the demand for most products. Changes could include visitors to a city, location of a business, proximity to highway, etc.

Front

Income Effect

Back

The change in consumption resulting from a change in real income.

Front

Normal Good

Back

A good that consumers demand more of when their incomes increase.