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Demand is the number of units of goods a consumer will buy at various prices.
The Law of Demand states that an increase in price leads to a decrease in quantity demanded or a decrease in price leads to an increase in quantity demanded all else being equal. EXAMPLE
Individual Demand studies the quantities of a good that an individual consumer is prepared to buy at each price.
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 dervived by adding together all the individual quantities demanded for the good.
Demand Schedule is a table that shows the different quantities demanded for a good at various market prices at any given time.
Individual Demand Schedule Lists the different quantities of a good that an individual consumer is prepared to buy at each price.
Market/Aggregate Demand Schedule Lists 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 demand schedules for the good.
Consumer Surplus the BENEFIT to the consumer due to the difference between what consumers actually pay to consume a good and what they would have been willing to pay rather than to go without the good. EXAMPLE
Effective Demand Consumers must be willing to buy and be capable of paying the price set by the supplier. It is demand backed by the necessary purchasing power i.e. money.
Derived Demand occurs when one commodity is an essential part of another commodity and it is demanded not for its own sake but because it is required to manufacture another good. Exmaples.
Composite Demand occurs when a commodity is required for a number of different uses. EXAMPLE
Joint Demand occurs when the demand for one commodity is joined with the demand for another. In general the commodities involved cannot be seperated and in fact form a single good or can also be called complementary goods. EXAMPLES
Demand Curve is a graph illustrating the demand for a good at various prices at any given time.
Shift in the Demand Curve is caused by a change in any non-price determinant of demand. EXAMPLE
Movement ALONG a Demand Curve is caused by a change in the price of the good itself.
Complementary Goods are goods that are used jointly. The use of one involves the use of the other. EXAMPLE
Substitute Goods are goods that satisfy the same needs and thus can be considered as alternatives to each other.
Normal Good is a good that obeys the law of demand and which has a positive income effect. (Y^QD^)
Inferior Good are a minority of goods that are not necessarily of inferior quality. They are less attractive at higher incomes and tend to be replaced by more expensive substitutes. Hence, goods which have a negative income effect.
Giffen Goods are goods with a positive price effect. Hence, a rise in price causes an increase in quantity demanded, while a fall in price causes a fall in quantity demanded.
Created by: cmcgrath



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