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ceteris paribus
other things being equal
complements
goods that are often used together so that consumption of one good tends to enhance consumption of the other
factors of production
the resources such as labor, materials, and machinery that are used to produce goods and services; also called inputs
inferior good
a good in which the quantity demanded falls as income rises, and in which quantity demanded rises and income falls
inputs
the resources such as labor, materials, and machinery that are used to produce goods and services; also called factors of production
normal good
a good in which the quantity demanded rises as income rises, and in which quantity demanded falls as income falls
shift in demand
when a change in some economic factor (other than price) causes a different quantity to be demanded at every price
shift in supply
when a change in some economic factor (other than price) causes a different quantity to be supplied at every price
substitute
a good that can replace another to some extent, so that greater consumption of one good can mean less of the other