Topic 3 Lesson 1-3 Review

goods that consumers demand more of when incomes increase

• normal goods

• inferior goods

• complements

• substitutes

the assumption that nothing other than the price of a good will change

• complements

• population

• ceteris paribus

• demographics

goods for which demand falls as income increases

• normal goods

• inferior goods

• complements

• substitutes

goods used in place of one another

• normal goods

• inferior goods

• complements

• substitutes

statistical information about populations of people

• demographics

• ceteris paribus

• population

• substitutes

two goods that are used together

• normal goods

• inferior goods

• complements

• substitutes

the amount people buy changes when their income changes

• income effect

• normal good

• inferior good

• substitutes

a list of the quantity of a good that all consumers in a market will buy at various prices

• law of demand

• substitution effect

• market demand schedule

• total revenue

buying less of a good when its price goes up, and buying more of another good instead

• law of demand

• substitution effect

• market demand schedule

• total revenue

people buy more of a good when its price is low and less when its price is high

• law of demand

• substitution effect

• market demand schedule

• total revenue