Intro To Economics Flashcards
1
Q
Market
A
Where there is an exchange of goods
2
Q
Interest rates
A
The cost of borrowing money
3
Q
Demand
A
Wanting something and being able to pay for it
4
Q
Inferior goods
A
If, following an increase in real income, less of the good is purchased, then the good is an inferior good
5
Q
Monopoly
A
Only one supplier
