Micro Unit 2.3 CW: S/D and Elasticity (Vocab Matching)

the amount of money a company receives by selling goods or services

the change in consumption resulting from a change in real income

one assumes that all other variables except those under immediate consideration are held constant

a good that replaces another demanded good

the way that a change in price determines whether or not consumers buy goods

an item for which demand drops when people's income increases.

a measure of how people change their buying patterns when prices change

what happens when consumers react to an increase in a good's price by consuming less of that good and more of other goods

a good that is always used with another good

demand that is very sensitive to a change in price

a graphic representation of a demand schedule

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