Terms and Definitions Unit 1

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

a statement that is an opinion

Normative Statement

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

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

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

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