5. Terms to Remember
the quantity a consumer is willing and able to buy at a given price per period of time.
the whole schedule between quantity demanded and the prices of a good, assuming all other things constant.
goods which we buy more when our income increases.
goods which we buy less as our income increases. They are goods of inferior quality, which we consume more when we are poor.
goods that can replace one another to satisfy a given want.
goods that have to be used jointly to satisfy a certain want.
a Latin term meaning other things being equal.
the quantities that consumers are able and willing to buy at various possible prices per time period, other things being constant.