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Demand Vocabulary Review
Practice the vocabulary words from the lesson.
- The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
Answer: Demand
- Factors other than the price of a good or service that change (shift) the demand schedule, causing consumers to buy more or less at every price. Factors include income, number of consumers, preferences and prices of related goods.
Answer: Determinants of demand
- The amount of a good or service people will buy at a given price in a given period of time.
Answer: Quantity demanded
- The non-price determinants (TRIBE) will shift the demand curve to the right or left. Edit the definition of Normal good and inferior good to read product or service instead of commodity.
Answer: Non-price determinants
- A commodity whose quantity demanded increases when the real income of a consumer rises.
Answer: Normal good
- The law of demand is an inverse relationship between price and quantity demanded. As price rises, quantity demanded falls - and vice versa.
Answer: Law of Demand
- A commodity whose quantity demanded decreases when the real income of a consumer rises - and vice versa.
Answer: Inferior Good
- Goods and/or services that are often consumed together, (e.g. hot dogs and buns, or chips and salsa).
Answer: Complements
- Goods or services that may be used in place of another good or service; examples include tap water for bottled water (or vice versa) and movies for concerts (or vice versa).
Answer: Substitute Goods and Services
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