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Mad

Scarcity
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Mad

Limited means
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mad stax

mad ssstakkkkz

MadStakz
Scarcity A product or resource which is rare.
Limited means Restrictions on a person's life, i.e., time, energy, and money.
Wants Things a person does not need but buys for personal reasons. Such as luxury items
Opportunity cost Choosing to do one thing and how that thing restricts future decisions. The next best option after the previous preference.
Values A quality of a person that might dictate their choices. If someone was emotionally scarred by clowns they may not want to go to the circus.
Compromise Choosing a inferior product over another because of certain reasons. Like choosing Whitakers over Bluebird Chips because they contain palm oil.
Conflict Having two existing values, limits, or morals that disagree with each other that may alter purchasing decisions.
Law of demand If the price is lower, sales will be higher. (ceterus Paribus)
Things to remember when drawing the demand curve The graph, title, key, the D for demand, measurement.
Change in Quantity demanded Movement along a curve, caused by a change in price.
Demand schedual A graph that show's how much of one product
Change in Demand A movement due to a change in taste, preference, income, and substitutes.
Substitute A replacement product to another product of the same type of thing.
Complement A product that goes well with another product.
Inferior A product of lower quality that can replace a luxury product.
Necessities Things that are required for a modern style of living.
Luxuries A product of a higher quality that can replace an inferior product.
Normal Goods A product.
Created by: dubpirate
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