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Senator Joseph McCarthy became a powerful policy entrepreneur by claiming that
Inferior Good
An inferior good is a type of good whose demand decreases when consumer income rises, unlike normal goods, for which the opposite is observed.
Income
Earnings received by an individual or entity in exchange for labor or investment, typically expressed in monetary terms.
Demand Curve
A pictorial representation that maps out the correlation between a good's price and its demand over an allotted time.
Laws of Supply and Demand
Economic principles stating that the price of a good is directly related to its availability (supply) and the desire for it (demand), with high demand and low supply leading to high prices, and vice versa.
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