econ vocab 2

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Author:
mcss23
ID:
196586
Filename:
econ vocab 2
Updated:
2013-01-30 11:39:00
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mcss23
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  1. total revenue
    the total amount of money a firm receives by selling goods or services
  2. income effect
    the change in consumption resulting from a change in real income
  3. elastic
    describes demand that is very sensitive to a change
  4. inferior good
    good that consumers demand less of when income increases
  5. normal good
    a good that consumers demand more of when their incomes increase
  6. elasticity of demand
    a measure of how consumers react to a change in price
  7. demand curve
    a graphic representation of a demand schedule
  8. substitutes
    goods used in place of each other
  9. complement
    two goods that are bought and used together
  10. ceteris paribus
    all other things held constant

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