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5. Terms to Remember
Quantity Demanded
the quantity a consumer is willing and able to buy at a given price per period of time. Sound
the whole schedule between quantity demanded and the prices of a good, assuming all other things constant. Sound
Superior Goods
goods which we buy more when our income increases. Sound
Inferior Goods
goods which we buy less as our income increases. They are goods of inferior quality, which we consume more when we are poor. Sound
goods that can replace one another to satisfy a given want. Sound
goods that have to be used jointly to satisfy a certain want. Sound
Ceteris Paribus
a Latin term meaning other things being equal. Sound
Market Demand
the quantities that consumers are able and willing to buy at various possible prices per time period, other things being constant. Sound
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