| Term | Definition |
|---|
| Changes in Demand | change in consumer preferences and tastes |
| Changes in Demand | change in the price of a complement |
| Changes in Demand | change in the price of a substitute |
| Changes in Demand | change in the number of potential buyers |
| Changes in Demand | change in consumer's income |
| Changes in Demand | change in consumer's expectations of future prices |
| Changes in Supply | change in supplier's expectations of future prices |
| Changes in Supply | change in government policy |
| Changes in Supply | change in available resources |
| Changes in Supply | change in the cost of production |
| Changes in Supply | change in the price of another good a firm produces |
| Changes in Supply | change in the number of suppliers |
| Determinants of Elasticity | % of consumer's budget |
| Determinants of Elasticity | degree of necessity |
| Determinants of Elasticity | number of good substitutes |
| Determinants of Elasticity | time period |
Combine with other sets
Share on Facebook
Share on MySpace
!