Economics #3

STUDY
PLAY
Demand
the amount of a good or service that consumers are willing and able to buy at different prices
Law of Demand
consumers are willing to buy more of a good or service as the price goes down
Demand Curve
an increase in demand will cause the curve to shift to the right. a decrease will cause the curve to shift to the left.
Substitute Goods
A good that can take the place of another
Complimentary Goods
Goods that are used together.
Income
The amount of money a person makes in a certain period of time.
Interchangeable
Goods that are complimentary