Econ Chapter 1 Test Terms
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| Complementary Goods | show 🗑
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| show | The quantity of a good supplied rises when the price of the good rises.
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| show | The quantity supplied and the quantity demanded at the equilibrium price.
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| Law of Supply and Demand | show 🗑
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| Quantity Demanded | show 🗑
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| Demand Schedule | show 🗑
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| show | The price that balances the quantity supplied and the quantity demanded.
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| Quantity Supplied | show 🗑
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| Variables That Affect The Supply Curve | show 🗑
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| Equilibrium Point | show 🗑
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| Demand Curve | show 🗑
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| Surplus | show 🗑
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| Shortage | show 🗑
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| Supply Schedule | show 🗑
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| Normal Goods | show 🗑
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| show | A good where an increase in income leads to a decrease in demand.
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| Substitute Goods | show 🗑
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| show | The quantity demanded of a certain product falls when the price of the good rises.
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| show | A graph of the relationship between the price of a good and the quantity supplied.
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| show | Consumption, Investment, Government, Net Exports
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| show | Dow, Nasdaq, S&P
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| show | A group of buyers and sellers for a particular good or service.
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| Competitive Market | show 🗑
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