Unit 4 - Demand KW Flashcards
1
Q
Complementary goods
A
Goods that are purchased together because they are consumed together
2
Q
Demand
A
The quantity of a product bought at a given price over a given period of time
3
Q
Demand curve
A
A line drawn on a graph that shows how much of a good will be bought at different prices
4
Q
Inferior goods
A
Goods for which demand will fall if income rises or rise if income falls
5
Q
Normal goods
A
Goods for which demand will rise if income rises or fall if income falls
6
Q
Substitute goods
A
Goods that can be bought as an alternative to others, but perform the same function
