Complementary Good - a good that is used along with another good.
Cross-Price Elasticity - the responsiveness of demand for one good to changes in the price of another good.
Demand - the quantity demanded at all different price levels.
Demand Schedule - a table showing multiple data points for price and quantity demanded for a good.
Determinants of Demand/Supply - factors that cause the whole demand or supply curve to shift left or right.
Income Elasticity of Demand - The responsiveness of demand to changes in consumer income.
Inferior Good - a good whose demand falls when incomes rise.
Law of Demand - as price rises, quantity demanded falls (and vice versa).
Law of Supply - as price rises, quantity supplied rises.
Normal Good - a good whose demand rises when incomes rise.
Perfectly Elastic - the same price at all quantities.
Perfectly Inelastic - quantity does not respond at all to changes in price.
Price Elastic - percent change in quantity is greater than the percent change in price.
Price Elasticity of Demand - the responsiveness of demand to a change in price.
Price Elasticity of Supply - the responsiveness of supply to a change in price.
Price Inelastic - percent change in quantity is less than the percent change in price.
Quantity Demanded - the total amount of a good that people want to buy at a given price.
Quantity Supplied - the total amount of a good that suppliers want to sell at a given price.
Subsidies - money given to a business by the government for producing something.
Substitute Good - a good that can be used instead of another.
Supply - the quantity supplied at all different price levels.
Unit Elastic - percent change in price is equal to percent change in quantity.