Economics Chapter 4 Check in Flashcard

Front

The desire to have some good or service and the ability to pay for it

Back

demand

Front

Which of these best describes the law of demand?

Back

if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

Front

A change in the price of a good causes people to buy more or less of an item. This best describes the concept of

Back

change in quantity demanded

Front

The quantity demanded of a good or service changes at all price levels best describes the concept of

Back

change in demand

Front

The phrase "a change in demand" most directly implies a

Back

shift in the demand curve

Front

Which of the following pairs is an example of substitutes? Cereal and Milk, calculators and iPods, Gatorade and Powerade, water skiing and skateboarding

Back

Gatorade and Powerade

Front

An increase in Demand is located by moving from point ________ to point_________

Back

Moving from A to C

Front

If the demand for a good increases when people's incomes increase, what type of good is it? Options: the good is an inferior good, the law of demand is violated, the good's demand curve shifts to the left, the good is a normal good

Back

the good is a normal good

Front

The graph represents which concept of demand?

Back

Change in Demand (Shift)

Front

The desire to have some good or service and the ability to pay for it

Back

demand