4-2 vocabulary jw
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help
|
|
||||
|---|---|---|---|---|---|
| States that the marginal benefit of using each additional unit of a product during a given period will decline. | Law of dimishishing utility | ||||
| The change in the amount that consumers will buy because the purchasing power of their income changes. | Income effect | ||||
| A change in the amount that consumers will buy because they buy substitute goods instead. | Subsitution effect | ||||
| An increase or decrease in the amount demanded because of change in price. | change in quantity demanded | ||||
| Occurs when something prompts consumers to buy different amounts at every price. | Change in demand | ||||
| Goods that consumers demand more of when their income rises. | Normal Goods | ||||
| Goods that consumers demand less of when their incomes rise. | Inferior goods | ||||
| Goods and services that can be used in place of each other. | Substitutes | ||||
| Goods that are used together, so a rise in demand for one increases the demand for the other. | Complements |
Embed Code: If you would like this activity on your web page,
copy the script below and paste it into your web page.
show me how
Created by:
joannw15
on 2011-07-12