Unit 1: Economics and Globalization

Lesson 3a: Demand

Key Terms

 

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Key Terms:

demand, quantity demanded, law of demand, market demand, horizontal summation, income effect, substituion effect, diminishing marginal utility, change in demand, change in quantity demanded, increase in demand, decrease in demand, non-price determinants of demand, normal good, inferior good, substitute good, complementary good (complement), independent goods

 

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Lesson 3a