Economic Essentials
This term refers to the various quantities of a product a consumer is both willing and able to purchase at different possible prices during a specific timeframe
What is Demand?
This is the only factor that causes a change in "quantity demanded" rather than a shift in the overall demand
price
These are goods for which demand increases as a consumer’s income level goes up
What are normal goods?
These are products, like Coca-Cola and Pepsi, that satisfy a similar consumer need10
substitute goods
Who was the first member of One Direction to leave in 2015?
Zayn Malik
According to this rule, consumers will demand a lower quantity of a good when its price is higher
Law of Demand
A change in price results in this specific type of movement in relation to the demand curve
movement along the curve
These are goods for which demand actually falls when a consumer has more money to spend
inferior goods
This term describes goods that are typically used in conjunction with one another, such as peanut butter and jelly
complimentary goods
Who was the longest raining monarch in British history?
Queen Elizabeth II
Because price and quantity demanded move in opposite directions, the Law of Demand is said to have this type of "negative" relationship
inverse relationship
When factors other than price change, it results in a change in "demand," causing the entire curve to do this
shift
The sources use this specific food item as a prime example of an inferior good that people buy less of when they have more money
ramen noodles
If the price of Coca-Cola goes down, the demand for its rival, Pepsi, will do this
decrease
Which hockey team has won the most Stanley Cups?
Montreal Canadiens
This is calculated by adding together the individual demand of every consumer or household within a specific market segment
market demand
If a factor causes demand to increase, the curve will move in this direction on the graph
What is to the right?
If a product becomes more popular or trendy, demand for it will do this
What is increase?
In the case of complements, if the price of peanut butter decreases, the demand for jelly will do this
What is increase?
Psy’s Gangnam Style was the first Youtube video to reach one billion views. Where is Psy from?
South Korea
This visual tool plots price on the vertical axis and quantity on the horizontal axis to show how consumers respond to price changes
demand curve
This tabular format lists various prices and the specific quantity a consumer would buy at each, serving as the basis for a demand curve
demand schedule
Negative news, such as a report claiming a fruit makes you die faster, would cause demand for that fruit to do this
What is decrease?
These two specific items are used in the sources as an example of complementary goods in the world of gaming
xbox and nba 2k14
The Ice Bucket Challenge in 2014 raised awareness for which cause?
ALS