Glossary
Learning Objectives
After completing this lesson, you will be able to
- explain the law of demand
- explain that a demand curve is a graphical representation of the data in a demand schedule
- describe the difference between demand and quantity demanded
- explain why a demand curve shifts to the left or right
- list the factors that cause a change in demand
- define complements and substitutes
- define normal and inferior goods
- explain how the change in the price of one good can affect the demand for a related good
- differentiate between movement along a demand curve and a change in demand
- explain that a change in the price of a good or service causes a change in the quantity demanded of that good or service