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Term

Availability of Substitutes
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Relative Importance
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Supply/Demand Quiz

TermDefinition
Availability of Substitutes Can you substitute the goods with something else?
Relative Importance How much of your budget is spent on the goods. A price increase may force you to make a choice.
Necessities vs. Luxuries You always buy a necessity even if price increases. If price of a luxury item increases, demand may go down. Example (yesterday's luxury becoming today's necessity)
Demand is affected by.... more than just price.
Some factors..... lead to an increase or decrease in demand at every price along the curve.
A change in demand is referred to as... a shift in the demand curve.
A shift to the right (on the demand curve) means... increase in the demand
A shift to the left (on the demand curve) means... decrease in demand
A shift can be caused by income when.... you purchase more of certain goods when your income increases.
A shift can be caused by population when... if population increases, demand for certain products increases (ex. population increases demand for home increase)
A shift can be caused by consumer expectation when.... current demand for good is related to its expected future prices (if you expect the price to go up in the future, current demand goes up )
A shift can be caused by advertising because.... ads influence consumers to purchase more products.
A shift can be caused by the price of related goods when... Also known as substitutes = goods in place of one another (margin instead of butter)
A shift can be caused by the consumer tastes and fads.... (ex. bell-bottom jeans)
A shift can be caused by consumer incentives because.... financing increases demand (example...0% financing)
Elastic Demand Demand IS affected by a change in price (ex. pizza, movie tickets, gasoline).
Inelastic Demand Demand is NOT affected by a change in price (ex. you have to take the medication so you will buy it no matter how expensive).
Characteristics of Traditional Economics rely on... custom and ritual to answer the 3 key economic questions.
Economy revolves around the.... family
Work is divided along.... gender lines
Agriculture and hunting are.... central parts of people's lives.
Created by: gmatise
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