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Micro Ch 3a

Stack based on Chapter 3a of Principles of Microeconomics 3e

TermDefinition
ceteris paribus other things being equal
complements goods that are often used together so that consumption of one good tends to enhance consumption of the other
demand the relationship between price and the quantity demanded of a certain good or service
factors of production the resources such as labor, materials, and machinery that are used to produce goods and services; also called inputs
inferior good a good in which the quantity demanded falls as income rises, and in which quantity demanded rises and income falls
inputs the resources such as labor, materials, and machinery that are used to produce goods and services; also called factors of production
normal good a good in which the quantity demanded rises as income rises, and in which quantity demanded falls as income falls
quantity demanded the total number of units of a good or service consumers are willing to purchase at a given price
quantity supplied the total number of units of a good or service producers are willing to sell at a given price
shift in demand when a change in some economic factor (other than price) causes a different quantity to be demanded at every price
shift in supply when a change in some economic factor (other than price) causes a different quantity to be supplied at every price
substitute a good that can replace another to some extent, so that greater consumption of one good can mean less of the other
supply the relationship between price and the quantity supplied of a certain good or service
Created by: CheriseSLCC
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