The Market Economy

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Economics Chp 4

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8 Terms

1
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individual demand

quantity demanded of a good/ service by individual consumers at different prices

2
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law of demand

as price of good/ service falls, quantity demanded will rise and vice versa

3
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expectations to law of demand

1 snob goods

2 giffen goods

3 expectations

4
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movement along demand curve

price is the only thing that will cause MOVEMENT along demand curve

5
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factors that effect demand curve

population, advertisement, sub goods, complimentary goods, unplanned, credit, income

6
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normal good

follows law of demamd

7
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inferior goods

doesnt follow law of demand (demand rises when income falls)

8
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