the desire to own something and the ability to pay for it - demand, consumers will buy more of a good when its price is lower and less when its price is higher - law of demand, when consumers react to an increase in a good's price by consuming less of that good and more of a substitute good - substitution effect, the change in consumption that results when a price increase causes real income to decline - income effect, a table that lists the quantity of a good a person will buy at various prices in the market - demand schedule, a table that lists the quantity of a good all consumers in a market will buy at each different price - market demand schedule, a graphic representation of a demand schedule - demand curve, a Latin phrase that means "all other things held constant" - ceteris paribus, a good that consumers demand more of when their incomes increase - normal good, a good that consumers demand less of when their incomes increase - inferior good, the statistical characteristics of populations and population segments, especially when used to identify consumer markets - demographics, two goods that are bought and used together - complements, goods that are used in place of one another - substitutes, Factors that cause demand for a good to change - non-price determinants, a measure of how consumers respond to price changes - elasticity of demand, describes demand that is not very sensitive to price changes - inelastic, describes demand that is very sensitive to a change in price - elastic, describes demand whose elasticity is exactly equal to one - unitary elastic, the total amount of money a company receives by selling goods or services - total revenue,

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