

Demand and Its Influencing Factors
Flashcard
•
History
•
12th Grade
•
Easy
Austin Scott Czachowski
Used 1+ times
FREE Resource
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13 questions
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1.
FLASHCARD QUESTION
Front
The Law of Demand
Back
The law of demand describes the inverse relationship between the price of a good or service and the quantity demanded.
2.
FLASHCARD QUESTION
Front
Substitution Effect
Back
When the price of a good rises, consumers may switch to cheaper alternatives.
3.
FLASHCARD QUESTION
Front
Income Effect
Back
When the price of a good rises, consumers' purchasing power decreases, meaning they can afford less of that good.
4.
FLASHCARD QUESTION
Front
Change in Demand
Back
Refers to a shift of the entire demand curve, caused by factors other than the price of the good itself.
5.
FLASHCARD QUESTION
Front
Consumer Income: Normal Goods
Back
As income increases, demand for normal goods increases (shift to the right).
6.
FLASHCARD QUESTION
Front
Consumer Income: Inferior Goods
Back
As income increases, demand for inferior goods decreases (shift to the left).
7.
FLASHCARD QUESTION
Front
Substitute Goods
Back
If the price of a substitute good increases, demand for the original good increases (shift to the right).
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