which of the following serve as potential complementary goods or services to your economics course

What are complementary goods?

In economics, complementary products are goods or services that consumers use together, such as ski boots and ski poles. Explore the definition and examples of complementary goods in economics. Review how complementary goods differ from substitute goods, and understand how this relates to today's business.

How does price affect the demand for paired or complementary goods?

Similarly, if the price of one good rises and reduces its demand, it may reduce the demand for the paired or complementary good as well. In economics, you may often hear about substitute goods.

Where can I find economics CH1 flashcards?

Study Economics Ch1 flashcards from Giancarlo Gutierrez's Florida International University class online, or in Brainscape's iPhone or Android app. ✓ Learn faster with spaced repetition. Economics Ch1 Flashcards by Giancarlo Gutierrez | Brainscape

What is the difference between balance of goods and services?

(2) The balance on goods and services is the difference between the total value of goods and services exported and the total value of goods and services imported. (3) When a nation exports more than it imports a trade surplus occurs. (4) When a nation imports more than it exports a trade deficit occurs.

What is a complementary good or service in economics?

In economics, a complementary good is a good whose appeal increases with the popularity of its complement. Technically, it displays a negative cross elasticity of demand and that demand for it increases when the price of another good decreases.

What is an example of a complementary good in economics?

A Complementary good is a product or service that adds value to another. In other words, they are two goods that the consumer uses together. For example, cereal and milk, or a DVD and a DVD player.

What are complementary goods answer?

Complementary goods are those goods which are complementary to one another in the sense that they are used jointly or together such as car and petrol, pen and ink etc. There is an inverse relationship between the demand for the good and the price of its complements.

What is a complementary good in economics quizlet?

complementary goods. product/service that are used together. -when the price of one falls, the demand for the other increases.

What are complementary services?

A Complementary Service may be defined as a service that comes with a product for support. They are the services that are offered in addition to any business's core service and assist the customer in using that service.

What are complements economics?

Complements are goods that are consumed together. Substitutes are goods where you can consume one in place of the other. The prices of complementary or substitute goods also shift the demand curve.

Which of the following is the best example of complementary goods?

Examples of complementary goods are peanut butter and jelly and computer hardware and software. When you buy one, you usually buy the other.

What are complementary products?

(also complementary goods) MARKETING. products that are sold separately but that are used together, each creating a demand for the other, for example, computers and computer programs: Technology firms that specialize in one product now join forces with other companies that focus on complementary products or services.

Which of the following is not an example of complementary goods?

d. Dell desktop and HP laptop is not the example of the complementary goods.

When two goods are complements Which of the following is true quizlet?

two goods are complements if a decrease in the price of one good causes an increase in the demand for the other.

What are substitutes and complements quizlet?

Terms in this set (4) Complementary Good. A good in joint demand, or a good which is demanded at the same time as the other good. Substitute Good. A good in competitive demand, in which one good can be used in place of the other and yield the same level of satisfaction.

How is complementary effect defined quizlet?

Changes in the price of complementary goods: Complementary goods are products consumed with other products. So for example, if the demand for printers increased, the demand of ink cartridges would increase too.

What is complementary good?

A complementary good is a good whose use is related to the use of an associated or paired good. Two goods ( A and B) are complementary if using more of good A requires the use of more of good B. For example, the demand for one good (printers) generates demand for the other (ink cartridges). If the price of one good falls and people buy more ...

What happens to the price of a complementary good?

If the price of one good falls and people buy more of it, they will usually buy more of the complementary good also, whether or not its price also falls. Similarly, if the price of one good rises and reduces its demand, it may reduce the demand for the paired or complementary good as well. In economics, you may often hear about substitute goods.

Bookshops & Coffee Shops

Bookshops and coffee shops may be configured as a store within a store because it can boost sales for both retailers.

Products

Razors and razor blades. Such combinations of products can be lucrative because people need to buy a particular brand of razor blades with a razor and they regularly need replacement.

Electric Cars & Solar Panels

Having an electric car can boost electricity needs. People who buy electric cars tend to be interested in solar panels due to values related to sustainability, resilience and self sufficiency.

Snowboards & Snowboard Boots

Durable equipment that is meant to be used together. This relationship may make it difficult for a shoe company to enter the snowboard boots market unless they also offer other snowboarding products.

Shoes & Protection Sprays

It is common for shoe retailers to try to upsell chemicals designed to protect shoes.

Game Consoles & Games

Firms may be able to make more from games than game consoles themselves. As such, they may have some incentive to offer consoles at a low price.

Nightclubs & Takeout Food

Small food vendors may benefit from locating in an area with an active night economy. Late at night, much of the competition may be closed and such businesses may do well.