Managerial Economic class

Term

1. ceteris paribus

2. normal good

3. inferior good

4. law of demand

5. change in demand

6. change in the quantity demanded

7. substitute goods

8. law of supply

9. factors of production

10. technolgy

11. market equilibrium

Definitions

a) larger quantities of a good will be supplied at higher prices than at lower prices

b) the lower is the price charged for a product, the larger will be the quantity demanded

c) a movement along a fixed demand curve

d) inputs in the production process

e) goods for which the demand typically increases as income goes up

f) methods used to combine resources to produce goods and services

g) all other things are assumed to be constant

h) a shift in the demand curve

i) the price at which the quantity demanded equals the quantity supplied

j) goods that are in greater demand at lower income levels than at higher in- come levels

k) goods that satisfy similar needs