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| 8922514745 | Law of Demand | price INCREASES QUANTITY demanded DECREASES and vice versa | 0 | |
| 5891721688 | Substitution Effect | when consumers react to an increase in a good's price by consuming less of that good and more of other goods (proof for law of demand ) | 1 | |
| 5891726232 | Income Effect | change in consumption that results when a price increase causes real income (Purchasing Power) to decline. (proof for law of demand ) | 2 | |
| 5891740778 | Diminishing Marginal Utility | Less and less additional satisfaction lend proof to the law of demand (proof for law of demand ) | 3 | |
| 8922538247 | change QUANTITY demand | movement on demand curve caused by change in price | 4 | |
| 8922529709 | Demand change | Inc.: buy more at ALL prices dec.: buy less ALL prices | 5 | |
| 5890626878 | Demand Shifters | 1. Taste and preference 2. price and availability of substitutes and compliments 3. # of buyers(demographics) 4. expectations future price 5. Income (normal vs. inferior) | 6 | |
| 5890524813 | inferior good | A good that consumers demand less of when their income increases (poor mans good) | 7 | |
| 5956488933 | price increases good A demand related good increases or price decrease good A demand related good decreases | Substitutes | 8 | |
| 5956486703 | price increases good A demand related good decreases or price decrease good A demand related good increases | compliments | 9 | |
| 5890543848 | Demand Increase effect on price and quantity | both increase | 10 | |
| 5890547650 | Demand decrease effect on price and quantity | both decrease | 11 | |
| 8922654634 | Law of supply | price INCREASES QUANTITY supplied INCREASES and vice versa | 12 | |
| 8922672822 | change QUANTITY Supplied | movement on supply curve caused by change in price | 13 | |
| 5890656767 | Supply Shifters | 1. cost of production (wages, raw material, capital) 2. supply shock (random events) 3. technology 4. government actions (taxes,subsidies,regulation) 5. expectations future price (can it be stored?) 6. compliments in production(chicken and chicken feet) 7. substitutes in production (corn and soybeans) | 14 | |
| 8922684966 | Change in Supply | Inc.: produce more at ALL prices dec.: produce less ALL prices | 15 | |
| 5890610509 | Supply Increase effect on price and quantity | quantity follows and increase but price decreases | 16 | |
| 5890615044 | Supply decrease effect on price and quantity | quantity follows and decreases but price increases | 17 | |
| 5890550569 | Elastic demand | consumers are price sensitive %∆QD > %∆P | 18 | |
| 5890582714 | Elastic Characteristics | big budget item, substitutes available, luxury, time | 19 | |
| 5890570843 | inelastic demand | consumers are NOT price sensitive %∆QD < %∆P | 20 | |
| 5890592064 | Inelastic Characteristics | small budget item, no substitutes available, necessity, little time | 21 | |
| 5891643457 | elasticity coefficient midpoint | ∆Q/ Mid Q ----------- ∆p / Mid p | 22 | |
| 5890564015 | elasticity coefficient greater than 1 | elastic demand (%∆QD>%∆P) | 23 | |
| 5890623945 | elasticity coefficient = 1 | unit elastic (%∆QD=%∆P) | 24 | |
| 5890582713 | elasticity coefficient less than 1 | inelastic demand (%∆QD=%∆P) | 25 | |
| 5956469383 | Price and total revenue are direct | inelastic (because %∆QD SMALL revenue follows price ∆) | 26 | |
| 5956470990 | Price and total revenue are inverse | elastic (because %∆QD BIG revenue follows quantity ∆ which is opposite because of the law of demand) | 27 | |
| 5891660615 | Cross Price Elasticity | ∆Q/ Mid Q (of related good) ----------- ∆p / Mid p (of original good) positive or negative matters | 28 | |
| 5890603007 | Negative cross price elasticity | Complementary goods | 29 | |
| 5890606978 | Positive cross price elasticity | Substitute good | 30 | |
| 5891668295 | Income Elasticity | ∆Q/ Mid Q ----------- positive or negative matters ∆I / Mid I | 31 | |
| 5890532471 | negative income elasticity | inferior good | 32 | |
| 5890538373 | positive income elasticity | normal goods | 33 | |
| 5891680491 | Producer Surplus | The difference between the lowest price a firm would be willing to accept for a good or service and the price it actually receives. |  | 34 |
| 5891675157 | Consumer Surplus | The difference between a buyer's willingness to pay and the price actually paid. | | 35 |
