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Economics Ch. 3&4

Terms from Unit 2, Chapters 3 and 4

QuestionAnswer
It states that more goods will be bought as prices go down. Law of Demand
The amount of money someone makes in a period of time. Income
Goods that can take the place of another. Substitute Goods
Capable of being used in place of one another. Interchangeable
Goods that are used with each other. Complementary Goods
A graph showing how demand varies with a change in its price. Demand Curve
Changes in taste that affect prices of items. Style
Law which states that producers will supply more of a good as prices become higher Law of Supply
Something that encourages people to work harder or to produce more Incentive
Costs of the “factors of production” that must be paid by producers. Cost of Production
A graph showing the amount of a good or service that producers are willing and able to produce at different prices Supply Curve
Created by: Boone555
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