demand the amount for a good or service that a consumer is willing and able to buy at various posssible prices during a given time period. quantity demanded The amount of a good or servivce that a consumer is willing and able to b

ceteris paribus

all things being equal and unchanged

law of demand

an inverse relationship that states an increase in price will cause a decrese in quanity demand.

income effect

any increase or decrease in consumers purchasing power caused by a change in price.

elastic demand

exists when a small change in a goods prices cause a major oppiste change in prices determines a goods elasticity

inelastic demand

exists when a small change in a goods prices has a little impact on the quanity demand

complementary good

goods that are commonly used with other goods

substitute good

goods that can be used to replace the purchase of similar goods when prices rise.

demand

the amount for a good or service that a consumer is willing and able to buy at various posssible prices during a given time period.

elasticity of demand

the degree to which changes in a goods price affect the quanity demanded by consumers

quantity demanded

The amount of a good or servivce that a consumer is willing and able to buy at each particular price during a given time period

substitution effect

The tendency of consumers to substitute similar, lower priced produts for products that are more expensive.

demand curve

a graph representing consumer demand at various prices.

demand schedule

a list or the quanity of goods and services consumers demand at varuious prices