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Economics 3

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
show the desire to own something and the ability to pay for it  
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show consumers buy more of a good when its price decreases and less when its price increases  
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show change in consumption resulting from a change in income  
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show demand curves are accurate only as long as there are  
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normal goods   show
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inferior goods   show
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show example of inferior goods  
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your demand will rise   show
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show two goods that are bought and used together  
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show goods used in place of one another  
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elasticity of demand   show
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show describes demand that is not very sensitive to change in price  
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show describes demand that is very sensitive to change in price  
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show example of elastic goods  
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but where the price began is the deciding factor   show
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substitutes, importance, N vs. L, and time   show
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show if there are few substitutes for a good  
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show total amount of money a firm receives by selling goods or service  
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