Economics chapter 4 vocab - Custom Scholars
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Economics chapter 4 vocab

question
Microeconomics
answer
branch of economic theory that deals with behavior and decision making by small units such as individuals and firms.
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demand curve
answer
graph showing the quantity demanded at each and every possible price that might prevail in market at a given time.
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marginal utility
Marginal = Extra
answer
Satisfaction or usefulness obtained from acquiring one more unit of product.
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substitution effect
answer
when a consumer replaces a more costly item with a less costly item that satisfies the same desire.
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Elasticity
answer
a measure of responsiveness that tells us how a dependent variable such as quantity responds to a change in an independent variable such as price
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Inelastic
answer
Type of elasticity where the percentage in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied)
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demand schedule
answer
listing showing the quantity demanded at all possible prices that might prevail in the market at a given time
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Law of demand
answer
rule stating that more will be demanded at lower prices and less at higher prices; inverse relationship between price and quantity demanded
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income effect
answer
that portion of a change in quantity demanded caused by a change in a consumer's income when the price of a product changes
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complements
answer
products that increase the use of other products; products related in such a way that an increase in the price of one reduces the demand for both
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Demand Elasticity
answer
a measure that shows how a change in quantity demanded (dependent variable) responds to a change in price (independent variable)
question
Unit Elastic
answer
elasticity where a change in the independent variable (usually price) generates a proportional change of the dependent variable (quantity demanded or supplied)
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question
Microeconomics
answer
branch of economic theory that deals with behavior and decision making by small units such as individuals and firms.
question
demand curve
answer
graph showing the quantity demanded at each and every possible price that might prevail in market at a given time.
question
marginal utility
Marginal = Extra
answer
Satisfaction or usefulness obtained from acquiring one more unit of product.
question
substitution effect
answer
when a consumer replaces a more costly item with a less costly item that satisfies the same desire.
question
Elasticity
answer
a measure of responsiveness that tells us how a dependent variable such as quantity responds to a change in an independent variable such as price
question
Inelastic
answer
Type of elasticity where the percentage in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied)
question
demand schedule
answer
listing showing the quantity demanded at all possible prices that might prevail in the market at a given time
question
Law of demand
answer
rule stating that more will be demanded at lower prices and less at higher prices; inverse relationship between price and quantity demanded
question
income effect
answer
that portion of a change in quantity demanded caused by a change in a consumer's income when the price of a product changes
question
complements
answer
products that increase the use of other products; products related in such a way that an increase in the price of one reduces the demand for both
question
Demand Elasticity
answer
a measure that shows how a change in quantity demanded (dependent variable) responds to a change in price (independent variable)
question
Unit Elastic
answer
elasticity where a change in the independent variable (usually price) generates a proportional change of the dependent variable (quantity demanded or supplied)
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