Terms and Definitions Unit 1

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Positive Statement
a statement that is proven and true (fact)
1 of 5
Normative Statement
a statement that is an opinion
2 of 5
Law Of Demand
a law that states that there is an inverse relationship between quantity demanded and the price of a good
3 of 5
Normal Good
one where the quantity demanded increases in response to an increase in consumer interests e.g a CAR
4 of 5
Inferior Good
one where the quantity demanded decreases in response to an increase in consumer incomes e.g a BUS TRIP
5 of 5

Other cards in this set

Card 2

Front

a statement that is an opinion

Back

Normative Statement

Card 3

Front

a law that states that there is an inverse relationship between quantity demanded and the price of a good

Back

Preview of the back of card 3

Card 4

Front

one where the quantity demanded increases in response to an increase in consumer interests e.g a CAR

Back

Preview of the back of card 4

Card 5

Front

one where the quantity demanded decreases in response to an increase in consumer incomes e.g a BUS TRIP

Back

Preview of the back of card 5

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