Chapter 4: Demand (ECON)

Economists use the word __ to measure the impact of price on demand.

Elasticity matters because it affects how much __ a business makes.

People are very satisfied with a product.

People may buy more luxuries than in the past.

A demand is __ if a price increase causes little or no change in demand.

Juice, water, milk, and tea are __ for soft drinks.

Consumers affect demand by changing their minds about what they __.

People start to buy khakis instead of jeans.

__ is the usefulness or satisfaction a consumer gets from a product.

More stores open when people move to town.

How much money a person makes is called __.

How much a product or service costs is its __.

To create demand, consumers must be willing and __ to buy a product.

A(n) __ is a thing that gives us pleasure but that we really do not need.

How much profit a business makes is its __.

A chart showing prices and units demanded at each price.

A(n) __ is a way to explain the law of demand in a picture.

Medicine and water are examples of __.

Demand for a product tends to go up if the price of the __ goes up.

In hot weather, consumers eat more ice cream.

Elasticity of demand is greatest with these goods.