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Chapter 4

Chapter 4 - Term Definition Demand The desire to own...

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Term: Demand Definition: The desire to own something and the ability to pay for it. Term: Law of Demand Definition: Consumers buy more of a good when its price decreases and less when its price increases. Term: Substitution Effect Definition: When consumers react to an increase in a good's price by consuming less of that good and more of other goods. Term: Income Effect Definition: The change in consumption resulting from a change in real income. Term: Demand Schedule Definition: Table that lists the quantity of a good a person will buy at each different price.
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Term: Market Demand Schedule Definition: A table that lists the quantity of a good all consumers in a market will buy at each different price. Term: Demand Curve Definition: A graphic representation of a demand schedule. Term: Ceteris Paribus Definition: A Latin phrase that means "all other things held constant".
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