Quizlet Elasticities

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  1. Complement good: A good that is usually bought with another good eg ipod / ipod cover
  2. Elasticity: How sensitive a good is to changes in price, income or other goods.
  3. Inferior good: A good is described this way if quantity demanded falls when income rises.
  4. Luxury good: Consumption of this good increases with a rise in income.
  5. Normal good: This good is positively related to income, consumption will rise and fall with income.
  6. PED: Price Elasticity of Demand
  7. PES: Price Elasticity of Supply
  8. Substitute good: A consumed in the place of another good. eg ipod/ zune
  9. XED: Cross Elasticity
  10. YED: Income Elasticity