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11 Cards in this Set
- Front
- Back
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elastic demand |
a small decrease change in price creates a large increase change in quantity demanded |
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inelastic demand |
a large decrease change in price creates a small increase change in quantity demanded |
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elastic supply |
a small increase change in price creates a large increase change in quantity supplied |
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inelastic supply |
a large increase change in price creates a small increase change in goods quantity supplied |
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inelastic supply goods (2) |
skyscrapers space shuttles |
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elastic supply goods (4) |
hamburgers dvds cds fads |
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inelastic demand goods (5) |
gasoline water electric natural gas milk |
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elastic demands goods (4) |
chicken ground beef candy bars cereal |
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what changes demand |
taste and preferences income population |
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what changes supply |
weather input cost technology taxes |
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definition of econ |
a social science that studies rhat choice we make as we cope with scarcity and the incentives that influence and reconcile our choices |
