Exam 1 Flashcards by Ryan McHale | Brainscape

Q

Positive Statement

A

Factual

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Q

Normative Statements

A

Emotional

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Q

Demand Shifters

A

Income, Tastes, Expectations, Supplemental Goods

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Q

Supply Shifters

A

Tech and Input Prices

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Q

Normal Goods

A

Income - Up

Demand - Up

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Q

Inferior Goods

A

Income - Up

Demand - Down

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Q

Complementary Goods

A

Hotdogs Price - Up

Buns Demand - Down

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Q

Substitute Goods

A

Coffee Price - Up

Tea Demand - Up

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Q

Tariffs Affect?

A

Supply Curve left (makes a box)

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