Unit Two Lesson Five Economics

Front

a product that is used or consumed jointly with another product; tennis rackets and tennis balls are one example

Back

Complimentary Good

Front

the quantity of a good or service that consumers are both willing and able to buy at various prices

Back

Demand

Front

Degree to which the quantity demanded or supplied of a good or service changes in response to a change in price

Back

Elasticity

Front

economic law stating that as the price of a good or service increases, the quantity demanded decreases, and vice versa

Back

Law of Demand

Front

The amount of money a firm receives in the course of doing business

Back

Revenue

Front

a product that satisfies the same basic want as another product

Back

Substitute Good

Front

economic law stating that as the price of a good or service increases, the quantity supplied increases, and vice versa

Back

Law of Supply

Front

the quantity of a good or service that producers are willing and able to offer for sale at various prices

Back

Supply

Front

the sum of the individual quantities demanded in a market

Back

Market Demand

Front

a graph of the relationship between the price of a good or service and the quantity buyers are willing and able to buy

Back

Demand Curve