
AP Macro Unit 1 Vocab #3
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
Demand
Back
Different quantities of goods consumers are willing and able to buy at various prices.
2.
FLASHCARD QUESTION
Front
Supply: Different quantities of a good sellers are willing to sell at various prices.
Back
The different quantities of a good that sellers are willing and able to sell (produce) at different prices.
3.
FLASHCARD QUESTION
Front
Diminishing Marginal Utility
Back
The more you buy of any good, the less satisfaction from each new unit.
4.
FLASHCARD QUESTION
Front
Substitutes
Back
Goods used in place of one another
5.
FLASHCARD QUESTION
Front
Complements
Back
Two goods bought and used together.
6.
FLASHCARD QUESTION
Front
Normal goods
Back
As income increases, demand increases
7.
FLASHCARD QUESTION
Front
Inferior goods
Back
As income increases, demand decreases.
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