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5
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The change in consumption resulting from a change in real income
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7
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The total amount of money a firm receives by selling goods or services
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8
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A measure of how consumers react to a change in price
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9
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The Economic System of the United State.
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10
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A Latin phrase that means 'all other things held constant'
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11
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Describes demand whose elasticity is exactly equal to 1
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12
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When consumers react to an increase in a good's price by consuming less of that good and more of other goods
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14
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Describes demand that is not very sensitive to a change in price
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15
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A graphic representation of a demand schedule
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17
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A table that lists the quantity of a good a person will buy at each different price
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18
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A good that consumers demand less of when their incomes increase
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