Definitions for chapter 4

Definitions for chapter 4 - Definitions Demand and Supply...

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Definitions Demand and Supply Chapter 4 Quantity demanded- The amount of any good, service, or resource that people are willing and able to buy during a specified period at a specified price Demand- The relationship between the quantity demanded and the price of a good when all other influences on buying plans remain the same Demand schedule- A list of the quantities demanded at each different price when all the other influences on buying plans remain the same Demand curve- A graph of the relationship between the quantity demanded of a good and its price when all the other influences on buying plans remain the same Market demand- The sum of the demands of all the buyers in the market Change in demand- A change in the quantity that people plan to buy when any influence on buying plans other than the price of the good changes Substitute- A good that can be consumed in place on another good Complement- A good that is consumed with another good Normal good- A good for which demand increases when income increases and demand
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This note was uploaded on 04/17/2008 for the course ECON 201 taught by Professor Dr.sharma during the Spring '08 term at Ohio State.

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Definitions for chapter 4 - Definitions Demand and Supply...

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