en CR Chapter 7: Analysis of Demand 20 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

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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.

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.