Unit Two Lesson Five Economics
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Other
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12th Grade - University
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Hard
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1.
FLASHCARD QUESTION
Front
a product that is used or consumed jointly with another product; tennis rackets and tennis balls are one example
Back
Complimentary Good
2.
FLASHCARD QUESTION
Front
the quantity of a good or service that consumers are both willing and able to buy at various prices
Back
Demand
3.
FLASHCARD QUESTION
Front
Degree to which the quantity demanded or supplied of a good or service changes in response to a change in price
Back
Elasticity
4.
FLASHCARD QUESTION
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
5.
FLASHCARD QUESTION
Front
The amount of money a firm receives in the course of doing business
Back
Revenue
6.
FLASHCARD QUESTION
Front
a product that satisfies the same basic want as another product
Back
Substitute Good
7.
FLASHCARD QUESTION
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
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