demand Flashcards
1
Q
change in consumer
A
tastes and preferences
2
Q
change in ___ of buyers
A
number
3
Q
change in ___
A
income
4
Q
normal goods
A
when demand for good increases when income increases
5
Q
inferior goods
A
a good or service whose consumption declines as income rises, and vice versa
6
Q
change in prices of ___
A
related goods
7
Q
complement
A
product and service that is used together
8
Q
substitute goods
A
products or services that can be used in place of each other
9
Q
change in consumer expectations
A
- future prices
- future income
