Examlex
Explain the difference between tangible and intangible resources.Provide an example of each.
Law of Demand
A principle stating that, ceteris paribus, there is an inverse relationship between the price of a good or service and the quantity of it that consumers are willing to purchase.
Quantity Purchased
The total number of units bought of a particular good or service.
Inferior Good
A type of good for which demand decreases as the income of consumers increases, in contrast to a normal good.
Equilibrium Price
The cost at which the amount of a product or service consumers want to buy matches the amount that manufacturers are willing to sell.
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