Week 3 Vocab Flashcard
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Easy
Shauna Parker
Used 1+ times
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10 questions
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1.
FLASHCARD QUESTION
Front
Demand
Back
The desire to own something and the ability to pay for it
2.
FLASHCARD QUESTION
Front
Quantity Demanded
Back
The total amount of goods or services that consumers are willing and able to purchase at a given price in a given time period.
3.
FLASHCARD QUESTION
Front
Explain the difference between Demand Schedule and Demand Curve.
Back
A Demand Schedule is a table showing the quantity demanded at different prices, while a Demand Curve is a graph showing the same relationship.
4.
FLASHCARD QUESTION
Front
The Law Of Demand (Pencil Theory) states that:
Back
as the price of a good increases, the quantity demanded decreases, ceteris paribus.
5.
FLASHCARD QUESTION
Front
Difference between Change in Demand and Change in Quantity Demanded
Back
Change in Demand refers to a shift in the entire demand curve, while Change in Quantity Demanded refers to a movement along the demand curve due to a change in price.
6.
FLASHCARD QUESTION
Front
What are Normal Goods vs Inferior Goods?
Back
Normal goods are those whose demand increases as consumer income rises, whereas inferior goods are those whose demand decreases as consumer income rises.
7.
FLASHCARD QUESTION
Front
What are Substitutions?
Back
Goods that can be used in place of another good
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