F291 key terms

HideShow resource information
micro economics
the study of individual consumers, business and markets
1 of 6
substitute
an alternative product that serves the same function
2 of 6
complement
a product that is used, and is therefore bought, in conjunction with another
3 of 6
subsidy
a payment from the government to encourage a business to increase supply
4 of 6
elastic
where the change is demand or supply that results from a price change is greater than the change in price that caused it
5 of 6
inelastic
where the change in demand or supply that results from a price channge is less than the change in prive that caused it
6 of 6

Other cards in this set

Card 2

Front

substitute

Back

an alternative product that serves the same function

Card 3

Front

complement

Back

Preview of the front of card 3

Card 4

Front

subsidy

Back

Preview of the front of card 4

Card 5

Front

elastic

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all The maket resources »