Economics Concepts

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Complements

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two goods that are bought and used together.

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Demand

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desire to own something and the ability to pay for it.

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Demand Schedule

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A table that lists the quantity of a good that a person will purchase at various prices in the market.

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Demographics

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the statistical characteristics of populations, such as age, race, gender, occupation, and income level.

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Elastic

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If the elasticity of demand is greater than 1 it is elastic (E>1).

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Elastic Demand

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when you buy much less of a good when the price increases.

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Elasticity of Demand

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How consumers respond to price changes.

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Elasticity of Supply

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Measures how firms respond to changes in the price of a good or service.

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Excise tax

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a tax on the production or sale of a good.

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Externalities

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side effects of goods or services that affect others who are not directly involved in the transaction.