Posted in Economics

Econ 4.2 Vocab

13. income effect: a change in quantity demanded when the consumers income changes

14. conversely: in exchange

15. substitutes: competing products that can be used in place of each other

16. change in demand: a shift of the whole demand curve to right or left

17. determinants: causes/shifters

18. consumer tastes: what buyers want, in demand

19. related: similar, alike

20. expectations: what should happen, predictions

21. refund: money returned

22. complements: products that affect each other in prices and demand

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