Examlex
In order, list the five steps in the decision-making process.
Quantity Demanded
The sum total of a good or service consumers are ready and able to buy at a certain price point.
Movement Along
Describes the change in quantity demanded or supplied of a good in response to a change in price, as shown on a graph.
Demand Curve
Graphical representation showing how the quantity demanded of a commodity varies with changes in its price.
Inferior Good
A type of good for which demand decreases when consumer income rises, unlike normal goods where demand increases with rising income.
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