Econ Ch. 4 Vocab Demand

Front

Desire to own something and ability to pay (willing and able)

Back

demand

Front

Consumers buy more of a good when its price decreases and less when it increases.

Back

Law of demand

Front

Consumers react to a price increase by consuming less of that good and more of others.

Back

substitution effect

Front

Change in consumption due to real income change

Back

income effect

Front

A table listing quantities of a good bought at various prices.

Back

demand schedule

Front

A table listing the quantity of a good all consumers will buy at each price.

Back

market demand schedule

Front

Graphic representation of a demand schedule

Back

Demand curve

Front

A good that consumers demand more of when incomes rise.

Back

Normal goods

Front

A good that consumers demand less of when incomes rise.

Back

Inferior goods

Front

Two goods bought and used together

Back

Complement