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econ vocab 2

  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
Author
mcss23
ID
196586
Card Set
econ vocab 2
Description
mcss23
Updated

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