Micro C YED key terms
0.0(0)
Studied by 0 people
Learn
Practice Test
Spaced Repetition
Match
FlashcardsCard Sorting
1/4
There's no tags or description
Looks like no tags are added yet.
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
5 Terms
1
New cards
Income elasticity of demand
Measures the responsiveness of quantity demanded to a change in income
2
New cards
normal good
as incomes rise, demand increases, YED is positive
3
New cards
inferior good
as income rises, demand falls. YED is negative.
4
New cards
Income elastic
Quantity demanded changes a relatively small amount following a change in income
5
New cards
income elastic
quantity demanded changes a relatively large amount following a change in income
Note 
Flashcards (37)