28–FEBRERO-2019
Unit-elastic
A term used to describe
the measurement of
"useful-ness" that a
consumer obtains from
any good. Utility is the
want satisfying power of
any commodity or
capacity of a commodity
to give satisfaction.
is
is
Utility
Complements
SubstitutesInferior
Goods
Luxury
Goods
Price Elasticity
Demand
Size of the
market
Tastes or
preferences
Average income Availability of
related goods.
Special
influences
Demand curve
Inelastic
Goods
Elastic
Px Qdy
Px Qdy
Px Qy
Px Qy
Y Qd
Y Qd
P Qd
P Qd
Divided in
Occurs when the
percentage change
in quantity is
exactly the same as
the percentage
change in price. In
this case, a 1
percent increase in
price yields a 1
percent decrease
in demand.
A measure used to show the
responsiveness, or elasticity,
of the quantity demanded of a
good or service to a change in
its price when nothing but
the price changes.
Divided in
is
Refers
To the quantity of
goods or services
that are requested
or desired in a
specific market of an
economy at a
specific price.
The graphical
representation of the
demand schedule,
showing how the
demand for a
commodity or service
varies with changes in
its price.
Is affected by
When a 1
percent change
in price produces
less
than a 1 percent
change in
quantity
demanded.
When a 1 percent
change in price
calls forth more
than a 1 percent
change in
quantity
demanded.
Affect the
demand for
particular
goods.
Represent a
variety of
cultural and
historical
influences.
They may
reflect genuine
psychological
or physiological
needs and they
A particularly
important
connection
exists among
substitute
goods.
As people’s
incomes rise,
individuals
Tend to buy
more of almost
everything, even
if prices don’t
change.
Measured, say,
by the
population.
The market as one of the main elements of the capitalist system, in which
various transactions of purchase and sale of goods, services and productive
factors take place. This is where the supply, demand and price of everything
that is bought and sold manifests itself.
is
Market