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