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4 cards from this section. Quick, good the night before a test.
What happens to quantity demanded when the price of a good increases?
Think of the Law of Demand relationship.
Define 'normal goods'.
Remember examples of products people buy more of when they earn more.
What is the Law of Demand?
Think about how buyers react to price changes.
True or False: An increase in consumer income will always increase the demand for inferior goods.
Consider how people shift their purchases with more income.
Assume the price of electric cars decreases significantly. Analyze how demand for both electric cars and gasoline cars would change, applying the concepts of substitutes and demand shifts.
Use the concept of preferences when prices shift.
Evaluate the impact of a recession on the demand for luxury and inferior goods. How do these categories react differently to changes in consumer income?
Reflect on how spending habits change during financial strain.
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