| A | B |
|---|
| demand | the desire to own something and the ability to pay for it |
| law of demand | consumers buy more of a good when its price decreases and
less when its price increases |
| substitution effect | when consumers react to an increase in a good's price by
consuming less of that good and more of other goods |
| income effect | the change in consumption resulting from a change in real income |
| demand schedule | a table that lists the quantity of a good a person will buy at each
different price |
| market demand schedule | a table that lists the quantity of a good all consumers in a market will buy at each different price |
| demand curve | a graphic representation of a demand schedule |
