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10 Cards in this Set
- Front
- Back
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The Law of Demand |
The Law of Demand states that as a price of good increases the quantity demanded decreases,vice versa,ceteris peribus. |
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A change in quantity demand is also caused by_________________________________________. |
A change in price |
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Opportunity Cost |
The loss of the next best alternative(2nd ranked on the list) |
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Values |
Honesty,fairness,conversation,consideration of others,etc. |
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A change in demand could be caused by a change in the price of _____________, the price of a_____________, ____________ or_______________. |
Subsitutes, Complement, income, taste/prefrences |
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Definition: Substitute Complement |
1)Are goods that we could be used in place of another 2) are goods which are used together |
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Consumer income is also affected by_____________________ |
Direct taxes eg.income taxes |
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Taste and Preferences can also be influenced by ___________________________ |
Advertising and peer pressure |
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A change in quantity demand results in a movement _____________or ____________ the demand curve. |
Up, down. |
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limited means |
money, time , family |
