| A | B |
|---|
| Substitute Good | A good used to replace a similar product |
| Demand Schedule | List which shows a price relationship |
| Price | Key variable affecting demand |
| A Necessity has what kind of demand | Inelastic |
| A non-Necessity has what kind of demand | Elastic |
| Total Revenue Test | What we use to measure demand elasticity |
| When Consumer' s incomes rise | Demand curve shifts to the right |
| Satisfaction from consuming more and more of a given product | Decreases |
| Amount of $ available to spend on products | Purchasing power |
| Change in purchasing power coming from a change in price | Income Effect |
| At VARIOUS possible Prices | Demand |
| At EACH PARTICULAR PRICE | Quantity Demanded |
| Price Goes Up | Qty Demanded goes down |
| Price goes Down | Qty demanded goes up |
| Diminishing Marginal Utility | Helps explain why demand is not limitless |
| Determinants of Demand | Things like Market size, income, consumer expectations |
