Economics 3
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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demand | the desire to own something and the ability to pay for it
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law of demand | consumers buy more of a good when its price decreases and less when its price increases
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income effects | change in consumption resulting from a change in income
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no changes other than price that could affect the consumer's decision | demand curves are accurate only as long as there are
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normal goods | good that consumers demand more of when their income increases
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inferior goods | good that consumers demand less of when their income increases
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used car, generic brands | example of inferior goods
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your demand will rise | if you expect prices to rise
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complements | two goods that are bought and used together
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substitutes | goods used in place of one another
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elasticity of demand | measure of how consumers react to price changes
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inelastic | describes demand that is not very sensitive to change in price
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elastic | describes demand that is very sensitive to change in price
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bottled water or computers | example of elastic goods
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but where the price began is the deciding factor | percentage increases can be the same
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substitutes, importance, N vs. L, and time | 4 factors of elasticity of demand
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you are more likely to buy it if the price increases | if there are few substitutes for a good
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total revenue | total amount of money a firm receives by selling goods or service
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