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Economics Ch. 3&4

Terms from Unit 2, Chapters 3 and 4

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