Examlex
The economic reasoning for importing kidneys is that:
I. trade may save many kidney-failure patients' lives.
II. people who are allowed to sell their kidneys earn more income.
III. buyers and sellers of kidneys can both be made better off by trade.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at those prices.
Increase in Demand
describes a situation where there is a higher quantity of a product or service desired by consumers at a given price level.
Inferior Good
A type of good for which demand decreases as the income of individuals increases, inversely related to income levels.
Substitutes
Goods or services that can be used in place of each other, where an increase in the price of one leads to an increase in the demand for the other.
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