________- a process by which the economies of the world become more integrated by the free flow across national boundaries of goods, investment, finances, and labor.
New cards
2
Competitive Market
________: has many buyers and sellers of the same goods and services, none of whom can influence the price.
New cards
3
A→B price decrease
________ leads to increase in quantity demanded.
New cards
4
B→ a price increase
________ leads to decreases in quantity demanded.
New cards
5
Competitive Market
has many buyers and sellers of the same goods and services, none of whom can influence the price
New cards
6
Supply
the quantity of a good and/or service that producers are willing and able to offer for sale at each possible price during a certain time period
New cards
7
Globalization
a process by which the economies of the world become more integrated by the free flow across national boundaries of goods, investment, finances, and labor
New cards
8
Demand
the quantity of a good or service that buyers are willing to and able to buy at all possible prices during a certain time period
New cards
9
Law of demand
as the price of a good increases, the quantity demand of that good decreases
New cards
10
Normal good
demand increases when income increases
New cards
11
Inferior good
demand decreases when income increases
New cards
12
Substitute
two goods are substitutes, a decrease in the price of one leads to a decrease in demand for another
New cards
13
complements
two goods are complements a decrease in the price of one good leads to an increase in the demand for the other
New cards
14
Law of demand
as the price of a increases the quantity demanded of the that good decreases
Studied by 2 people
Note 
Flashcard (20)