A Quick, Impulsive Thought That Does Not Typically Make Use

question 21

Short Answer

A quick, impulsive thought that does not typically make use of formal logic or clear reasoning describes ____________________.

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Definitions:

Normal Goods

Goods for which demand increases as consumer income rises, and decreases when consumer income falls.

Inferior Goods

Goods for which demand decreases as the income of consumers increases, opposite to normal goods.

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing and able to purchase at a given price level in a given period.

Demand

In economics, it represents consumers' desire to purchase goods and services at certain prices.