key words Flashcards
1
Q
Demand Curve
A
A graph showing how the DEMAND for a service/good and its PRICE are related
2
Q
Law of Demand
A
Consumers buy MORE when the price is DOWN
Consumers buy LESS when the price is ^
3
Q
Price Theory
A
The price of services/goods depends on the
supply AND
demand
4
Q
X-axis
A
Line runs HORIZONTALLY (left to right), through 0
5
Q
Y-axis
A
Line runs VERTICALLY (up and down), through 0
