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Chapter 3 Vocabulary

AB
Complementary GoodsGoods that are used with each other, such as cars and tires
DemandThe amount of goods or service that consumers are willing and able to buy at different prices
Demand CurveThe line on a graph that represents the amount of goods or services that consumers will buy at different prices
GraphA diagram that shows the relationship between two or more sets of quantities
IncomeThe amount of money at a person makes in a certain time period
InterchangeableCapable of being put in place of one another
Law of DemandThe economic law which states that consumers will buy more goods or services as the price goes down
Substitute GoodsGoods that can take the place of one another

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