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Demand
Definitions
| Term | Definition |
|---|---|
| Demand | Is the number of units of a product which consumers are willing to buy at any given market price at any given time |
| A Demand Schedule | Is a table showing the number of units of a good that is demanded by a consumer at different prices |
| Demand Curve | Is a graph showing the number of units of a good that is demanded at any given market price |
| Individual Demand | Is the quantity of a good a single consumer is willing to buy at different prices |
| Market/Aggregate Demand | Shows the different quantities of a good that all consumers in the market are prepared to buy at each price. It is derived by adding together all the individual quantities demanded for the good. |
| The Demand Function | The factors which influence a consumer's demand schedule. They are summarised as: Px (price of x), Pog (price of other goods), Y (income), T (tastes/preferences), U (unplanned factors), E (expectations), G (government regulation) |
| Movement along a Demand Curve | A change in demand due to a change in the price of the good itself |
| Shift in the Demand Curve | Is caused by a change in any non-price determinant of demand |
| Complimentary Goods | Goods that are used jointly. The use of one involves the use of other |
| Substitute Goods | Goods that satisfy the same needs and thus can be considered as alternatives to each other. |
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pdsteconomics
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