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
|
|