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WorksheetsReading check Topic 3.1-3.3
Total questions: 10
Worksheet time: 5mins
The desire to own something and the ability to pay for it is...
Ceteris paribus
Substitutes
Demand
Dividend
The quantities demanded at various prices by all consumers in the market
Supply Demand schedule
Individual Demand schedule
Market Demand schedule
Ceteris paribus
The Latin phrase for : “all other things held constant”
De facto
Bona fide
Caveat emptor
Ceteris paribus
Goods that consumers demand more of when their incomes increase
Boats
Normal Goods
Inferior Goods
ATVs
Goods that are used in place of one another
Demand
Substitutes
Law of Demand
Complements
Measures how drastically buyers will cut back or increase their demand for a good when the price rises or falls.
Ceteris paribus
Elasticity of demand
Normal goods
Complements
Name four Factors affecting elasticity
Necessities Versus Luxuries, Time, Value, Availability of Substitutes
Availability of Substitutes, Relative Importance, Necessities Versus Luxuries Change Over Time
Time, Value, Money, Food
Food, Clothing, Shelter, Air
When elasticity is exactly equal to the percentage change in the price.
Spandex
Unitary elastic
Normal goods
Inferior goods
If there are a few substitutes for a good, then even when it’s price rises greatly, you might still buy it.
Relative importance
Necessities Versus Luxuries
Change Over Time
Availability of Substitutes
Two goods that are bought and used together are called
Demographics
Complements
Normal goods
Unitary elastic
