Question

1.3 Provide the economic term/concept for each of the following description. Write only the term/concept next to the question number. No abbreviations , acronyms and examples will be accepted.
1.3.1 The relationship between the change in the price of one product and the quantity demanded of another.
1.3.2 The price of a good or service, in terms of another good or service.
1.3.3 The total satisfaction gained from consuming a product.
1.3.4 An increasein income without a change in quantity demanded.
1.3.5 Change in behaviour that buyers have in response to a price change for a good or service.
1.3.6 The power that good or service have to command other goods or service in exchange.
1.3.7 A good whose demand rises is called.
1.3.8 The change in demand is equal to the change in price.

Answer 1

1.3.1: Cross-elasticity of demand
1.3.2: Relative price
1.3.3: Utility
1.3.4: Income effect
1.3.5: Price elasticity of demand
1.3.6: Purchasing power
1.3.7: Normal good
1.3.8: Price elasticity of demand