AP Macro: Some Terminology Review by Jason Costello https://padlet.com/perkiomenvalleyschooldistrict/4db34e2foj1dpoj5 Please include your name: Discuss and/or define: 1) two determinants of demand and two for supply, 2) substitute and complements, 3) Price controls and how they cause an inefficient market and, 4) Normal vs. Inferior Goods en-us 2025-09-18 11:38:01 UTC 2025-09-19 15:19:23 UTC hello@padlet.com https://padlet.net/icons/png/2754.png https://padlet.com/perkiomenvalleyschooldistrict/4db34e2foj1dpoj5/wish/3594089011 Chris Rittich:



  1. Demand: Taste and preferences and Consumer Income.


Supply: Input prices, Number of suppliers


  1. Substitutes are products that get bought in trade of one another. Compliments are products that get bought together.

  2. Price ceilings and floors cause an inefficient market because equilibrium can end up outside the bounds meaning a surplus or shortage on the curve.

  3. Normal goods are good bought when people have money and are willing to spend it. Inferior goods are goods bought when income is low.

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