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econ vocab 2
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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
Author
mcss23
ID
196586
Card Set
econ vocab 2
Description
mcss23
Updated
1/30/2013, 4:39:00 PM
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