econ vocab 2

Home > Preview

The flashcards below were created by user mcss23 on FreezingBlue Flashcards.

total revenue

the total amount of money a firm receives by selling goods or services
income effect

the change in consumption resulting from a change in real income
elastic

describes demand that is very sensitive to a change
inferior good

good that consumers demand less of when income increases
normal good

a good that consumers demand more of when their incomes increase
elasticity of demand

a measure of how consumers react to a change in price
demand curve

a graphic representation of a demand schedule
substitutes

goods used in place of each other
complement

two goods that are bought and used together
ceteris paribus

all other things held constant