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MATCHING A.expenses Incurred Before a New School Can Open

question 56

Essay

MATCHING
a.expenses incurred before a new school can open
b.expected costs of operating a school
c.children who are close to the same age
d.children whose ages vary, sometimes by several years
e.items that are used up and have to be replaced
f.equipment and toys that last a long time
g.a written document that describes in detail a proposed venture
h.provide the baseline for acceptable care of children and are meant to be minimum standards below which no program should operate
i.collecting information on the number of families and their income levels to see if a new preschool in an area is feasible.
-community survey

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, in contrast to normal goods where demand increases with rising income.

Normal Good

A good for which demand increases as the income of the consumer increases, and vice versa, holding all other factors constant.

Income Effect

The change in consumer demand for goods and services induced by a change in income, affecting the purchasing power of the consumer.

Substitution Effect

The change in consumption patterns due to a change in relative prices, prompting consumers to substitute one good for another.

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