Economics *

What is the budget share of a good?

What is a luxury, inferior and necessary good? Oh and a normal good.

Just to recap:

Normal . Inferior . Necessity . Luxury

What does the substitution effect say?

What does the income effect say?

Substitution effect v.s. Income effect

What is real income?

What is inflation?

What is tastes?

What is marginal utility?

What is diminishing marginal utility?

How is a marginal utility graph presented?

What is the phenomenon that says that people will buys some goods because they are expensive?

What is supply?

What is a supply curve?