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Demand & Supply

D. Skelly / TY Economics

TermDefinition
Define the Law of Demand? The Law of Demand States that when price increases the quanity demanded of a good or service decreases and vice versa.
What is another name for a Perverse Demand Line? A Regressive Demand Line
What are the exceptions to the Law of Demand? 1.Giffen Goods 2.Snob Goods 3.Speculative Goods 4.Goods of an addictive nature.
What is an example of a Giffen good? Own Brand Bread
What is an example of a Snob Good? A luxury Car.
What does a Demand Line for a Normal Good look like? Downward sloping fom left to right.
What is the usual relationship bewteen Price and Quantity supplied? A Positive relationship, i.e. When Price increases, the Quantity Supplied also increases, and when Price decreases, the Quantity Supplied decreases.
What does the Supply Line usually look like? Upward sloping from right to left.
Created by: SkelLySP
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