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Economics - Microeconomics > 1.2.3- Price, Income And Cross Elasticities Of Demand > Flashcards

1.2.3- Price, Income And Cross Elasticities Of Demand Flashcards

1
Q

Complements

A

Two complements are goods in joint demand. E.g. fish and chips, or iron ore and steel

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2
Q

Substitutes

A

Substitute goods are goods in competitive demand that act as replacements for another product e.g. PlayStation and Xbox

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Economics - Microeconomics (15 decks)

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