Theme 1.2.1 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 bough 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
7
Q
A
