
Ch 4: Demand Terms

Flashcard
•
Social Studies
•
12th Grade
•
Hard
Marc Hefke
FREE Resource
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11 questions
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1.
FLASHCARD QUESTION
Front
Law of Demand
Back
consumers buy more of a good when its price decreases and less when its price increases
2.
FLASHCARD QUESTION
Front
Substitution Effect
Back
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
3.
FLASHCARD QUESTION
Front
Income Effect
Back
the change in consumption resulting from a change in real income
4.
FLASHCARD QUESTION
Front
Demand Schedule
Back
a table that lists the quantity of a good a person will buy at each different price
5.
FLASHCARD QUESTION
Front
Market Demand Schedule
Back
a table that lists the quantity of a good all consumers in a market will buy at each different price
6.
FLASHCARD QUESTION
Front
Demand Curve
Back
a graphic representation of a demand schedule
7.
FLASHCARD QUESTION
Front
Ceteris Paribus
Back
a Latin phrase that means 'all other things held constant'
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