Ch. 3 Reading Guide: Part I

1.  Define demand.


2.  Contrast normal goods and inferior goods.  Provide an example of each.


3.  Provide a real life example of the Law of Diminishing Marginal Utility.


4.  Create a chart identifying each of the non-price factors affecting demand.  Name each factor, illustrate the impact of an increase in that factor, illustrate the impact of a decrease in that factor.






That's it!