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Chapter 7: Analysis of Demand
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Consumers: Individuals who purchase goods and services produced by the economy.
Demand: A buyer's willingness to pay for a good at alternative prices.
Demand Curve: A graphical representation of the relationship between the price of a commodity and the quantity of it demanded.
Expectations: Views or beliefs about uncertain variables.
Income: The flow of wages, interest payments, other receipts accruing to a person or a nation during a period of time.
Income Effect: Change in the quantity demanded of a good due to a change in the consumer's purchasing power, which can be bought about by price changes or change in income.
Elasticity: denotes the responsiveness of one variable to changes in another.
Marginal Utility: The additional utility brought about by the additional consumption of one more good.
Price: A measure by which the scarcity and limitedness of goods are expressed.
Quantity Demanded: The quantity of goods or services the consumers are willing to pay for.
Shift in Demand: Implies an increase or decrease in income.
Substitution Effect: A situation wherein the price increase of a good leads to an increase in consumption of another good.
Taste: A subjective element in consumer behavior that affects a consumer's demand for a good.
Utility: The level of happiness or satisfaction attained in consuming goods and services.
Cardinal: We measure utility in numerical figures.
Ordinal: It focuses on the preference rankings of consumers.
Perfectly inelastic demand: A situation wherein the quantity demanded does not change with changes in price.
Perfectly elastic demand: A situation wherein prices are fixed regardless of quantity demanded.
Complementary Goods: Goods that go together from the point of view the consumer.
Price elasticity of demand: A measure of the extent to which quantity demanded responds to a price change.
Law of Demand: When the price of a commodity goes up, the quantity demanded for the commodity goes down and vice versa.
Negative: The kind of slope a demand curve has..
Chapter 7: Analysis of Demand
Across:3. | A subjective element in consumer behavior that affects a consumer's demand for a good. | 7. | A graphical representation of the relationship between the price of a commodity and the quantity of it demanded. | 9. | A buyer's willingness to pay for a good at alternative prices. | 10. | Change in the quantity demanded of a good due to a change in the consumer's purchasing power, which can be bought about by price changes or change in income. | 13. | A measure by which the scarcity and limitedness of goods are expressed. | 15. | The level of happiness or satisfaction attained in consuming goods and services. |
| 16. | It focuses on the preference rankings of consumers. | 17. | Individuals who purchase goods and services produced by the economy. | 18. | A situation wherein the price increase of a good leads to an increase in consumption of another good. | 19. | Views or beliefs about uncertain variables. | 20. | Implies an increase or decrease in income. |
| | Down:1. | denotes the responsiveness of one variable to changes in another. | 2. | When the price of a commodity goes up, the quantity demanded for the commodity goes down and vice versa. | 4. | We measure utility in numerical figures. | 5. | A measure of the extent to which quantity demanded responds to a price change. | 6. | A situation wherein prices are fixed regardless of quantity demanded. |
| 8. | The kind of slope a demand curve has.. | 11. | The additional utility brought about by the additional consumption of one more good. | 12. | Goods that go together from the point of view the consumer. | 14. | The flow of wages, interest payments, other receipts accruing to a person or a nation during a period of time. |
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© 2013
PuzzleFast.com, Noncommercial Use Only
Chapter 7: Analysis of Demand
Across:3. | A subjective element in consumer behavior that affects a consumer's demand for a good. | 7. | A graphical representation of the relationship between the price of a commodity and the quantity of it demanded. | 9. | A buyer's willingness to pay for a good at alternative prices. | 10. | Change in the quantity demanded of a good due to a change in the consumer's purchasing power, which can be bought about by price changes or change in income. | 13. | A measure by which the scarcity and limitedness of goods are expressed. | 15. | The level of happiness or satisfaction attained in consuming goods and services. |
| 16. | It focuses on the preference rankings of consumers. | 17. | Individuals who purchase goods and services produced by the economy. | 18. | A situation wherein the price increase of a good leads to an increase in consumption of another good. | 19. | Views or beliefs about uncertain variables. | 20. | Implies an increase or decrease in income. |
| | Down:1. | denotes the responsiveness of one variable to changes in another. | 2. | When the price of a commodity goes up, the quantity demanded for the commodity goes down and vice versa. | 4. | We measure utility in numerical figures. | 5. | A measure of the extent to which quantity demanded responds to a price change. | 6. | A situation wherein prices are fixed regardless of quantity demanded. |
| 8. | The kind of slope a demand curve has.. | 11. | The additional utility brought about by the additional consumption of one more good. | 12. | Goods that go together from the point of view the consumer. | 14. | The flow of wages, interest payments, other receipts accruing to a person or a nation during a period of time. |
| |
© 2013
PuzzleFast.com, Noncommercial Use Only