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Factors Affecting Demand

Glossary

complements:
goods or services that are used together because the use of one enhances the use of the other

substitutes:
goods or services that can be used in place of one another

inferior good:
good or service whose demand decreases when a consumer's income increases and demand increases when income decreases

normal good:
good or service whose demand increases when a consumer's income increases and demand decreases when income decreases