Study sets, textbooks, questions
Upgrade to remove ads
Business- Demand 1.2.1
Terms in this set (10)
What's the definition of Complementary goods?
Goods that are purchased together because they are consumed together.
What's the definition of Demand?
The quantity of a product bought at a given price over a given period of time.
What's the definition of the Demand curve?
A line drawn on a graph that shows how much of a good will be bought at different prices.
What's the definition of Inferior goods?
Goods for which demand will fall if income rises or rise if income falls.
What's the definition of Normal goods?
Goods for which demand will rise if income rises or fall if income falls.
What's the definition of Substitute goods?
Goods that can be bought as an alternative to others, but perform the same function.
Demand is the amount of a good that consumers are willing and what else?
Able to buy at a given price
A graph showing the demand curve has price on its vertical axis and what on its horizontal axis?
A graph showing the demand curve has quantity on its horizontal axis and what on its vertical axis?
A graph that shows the demand curve, what does this look like?
Sets found in the same folder
Motivation in theory and practice-1.4.4
Branding and promotion 1.3.2
Other sets by this creator
Role of water and carbon cycle within the atmosphe…