Vocab
Subsitutes
A product you buy instead of another
superior goods
make up a larger proportion of consumption as income rises
when popularity for a good rises the demand curve will shift in what direction
to the right
Orange juice and milk are..
Compliments
Something you buy with another thing
Normal good
a good that experiences an increase in demand due to an increase in a consumer's income
when a new comes out the company X mistreats its workers, the demand curve for company X's product will move in what direction
to the left
Butter and bread are..
Compliments
Number of Buyers
That amount of people willwing and able to buy a product
Inferior Goods
Has a rise in demand when income falls
when the average income for a town rises, the demand curve for inferior goods will
move to the left
When a celebrity endorses a company and the demand curve shifts to the right, this is because of..
Taste and preference
Taste and Preference
If a good become more popular the curve will shift to the right and if it becomes less popular it will shift tot the left
Demand Schedule
a table that shows the quantity demanded of a good or service at different prices
If the price of milk rises the demand curve for almond milk will move
to the right
When the demand for and inferior good falls and the demand for a normal good rises this is becuase of the...
Income effect
ceteris paribus
with other conditions remaining the same.
Market demand curve
The demand curve of many people
healthier, the demand curve for milk will
move to the right
A company states that they will be rising the price of their product next year, the demand curve shifts to the right. This is becuase of...
Expectations for the future