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Law of demand
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Consumers buy more of a good when price is decreasing; less of it when price is increasing
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Demand function (#)
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a representation of how quantity demanded depends on prices, income, and preferences
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Inverse demand function (graphed by the demand curve) (#)
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Shows the price of a good as a function of the quantity consumed
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Elasticity of demand (supply)
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Sensitivity of quantity demanded (supplied) to changes in independent variables (price)
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Own-price elasticity of demand (#)
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Expresses sensitivity of quantity demanded to a change in price
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Elasticity
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How sensitive one variable is to another
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