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NORMAL GOOD: A good for which an increase in income causes an increase in demand, or a rightward shift in the demand curve. If demand increases as income increases, it is a normal good or a good with a positive income elasticity of demand. A normal good is one of two alternatives falling within the income determinant of demand. The other is an inferior good.

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Lesson 6: Supply | Unit 3: Supply Curve Page: 11 of 19

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  • The supply schedule as a table of price/quantity numbers that illustrate the supply relation and the law of supply.
  • How the supply curve is derived from the supply schedule.
  • How the positive slope of the supply curve reflects the law of supply.
  • The supply curve, and the supply price, as the lower limit of supply space.


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AGGREGATE DEMAND SHIFTS

Changes in the aggregate demand determinants cause the aggregate demand curve to shift. The mechanism is comparable to that for market demand determinants and market demand. There are two alternatives--an increase in aggregate demand and a decrease in aggregate demand. An increase in spending by any of the four sectors--household, business, government, and foreign--shifts the aggregate demand curve to right. A decrease in spending by these four sectors shifts the aggregate demand curve to left.

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APLS

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for jovial bank tellers.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

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Association of International Bond Dealers (now called International Securities Market Association)
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