Examlex
We often define concepts by negation, or by explaining what something is not.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.
Elasticity
A measure of how much the quantity demanded or supplied of a good responds to a change in one of its determinants, such as price.
Inferior Goods
Goods for which demand decreases as the income of the consumer increases, opposite to normal goods.
Normal Goods
Goods for which demand increases as the income of consumers increases, and vice versa, holding all other factors constant.
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