"Retrospective Voting" Involves Voters Choosing Whether or Not to Vote

question 3

Short Answer

"Retrospective voting" involves voters choosing whether or not to vote for a candidate based on overall __________ performance, especially in regard to the economy.

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Definitions:

Production Quota

A limit set by an organization or government on the amount of a product that can be produced.

Support Price

A price level set by the government or a regulatory body to stabilize or support the market price of a commodity.

Demand Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with all else being equal.

Producer Surplus

The difference between what producers are willing to sell a good for and the higher price they actually receive.