Additional Flashcards
0
Q
Y=C+I+G+NC
A
Y - GDP C- consumption I - investment G- government purchase NX- net export
1
Q
Law of demand
A
Holding everything else constant, when the price of a product falls the quantity demanded of the product will increase, and when the price of a product rises the quantity demanded of a product will decrease.
2
Q
Law of supply
A
The claim that everything else being equal, the quantity supplied of a good rises when the price of the good rise.
