Chapter 4 Vocabulary Worksheet
1. Demand
2. Elasticity of Demand
3. Substitutes
4. Inferior Good
5. Law of Demand
6. Demand Curve
7. Complements
8. Elastic
9. Inelastic
10. Total Revenue
A. A graphic representation of a demand schedule.
B. The total amount of money a firm receives by selling goods or services.
C. Goods used in place of one another.
D. A good that consumers demand less of when their incomes increase.
E. Consumers buy more of a good when its price decreases and less when its price increases.
F. Describes demand that is not very sensitive to a change in price.
G. Two goods that are bought and used together.
H. A measure of how consumers react to a change in price.
I. Describes demand that is very sensitive to a change in price.
J. The desire to own something and the ability to pay for it.
1. Demand
2. Elasticity of Demand
3. Substitutes
4. Inferior Good
5. Law of Demand
6. Demand Curve
7. Complements
8. Elastic
9. Inelastic
10. Total Revenue
A. A graphic representation of a demand schedule.
B. The total amount of money a firm receives by selling goods or services.
C. Goods used in place of one another.
D. A good that consumers demand less of when their incomes increase.
E. Consumers buy more of a good when its price decreases and less when its price increases.
F. Describes demand that is not very sensitive to a change in price.
G. Two goods that are bought and used together.
H. A measure of how consumers react to a change in price.
I. Describes demand that is very sensitive to a change in price.
J. The desire to own something and the ability to pay for it.