The Law of Demand Flashcards
1
Q
complementary goods
A
goods that are associated with the use of other goods
2
Q
demand
A
the quantity of a good or service that consumers are willing and able to buy
3
Q
elasticity
A
the responsiveness of an economic factor to changed in other factors, such as price
4
Q
income
A
the money a person earns from providing a service or selling goods
5
Q
price
A
the amount for which a good is sold
6
Q
substitute goods
A
goods that can replace another in fulfilling the needs of consumers
7
Q
microeconomics
A
the study of economic interactions between businesses and individuals
