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Economics Definition

Definitions and Concepts List for Demand Topic.

Scarcity. Finite availability.
Limited Means. All people are subject to limited means such as time, skills, income, family when it comes to living their lives Eg. I do not have an unlimited period of time in which to do my homework, work, study and volunteering each week.
Wants. Often material goods, wants are things that people desire yet are not needed in order for them to survive. I want an apple watch.
Opportunity Cost. When due to limited means one must make a decision to do/buy to take one item/activity or option in preference to another. The option which is neglected, not taken or chosen is thus missed out on is the opportunity cost. Work - Free time.
Value. Values are ideals and core beliefs that people posses. Values effect people and how the make decisions and can be influenced in turn by events, the media, religion, text, family and role model relationships amongst numerous other factors, Academic Success
Compromise. Two or more conflicting opinions/ideals/activities or behaviours conflict instead of one option being foregone a compromise can be reached. Compromise is an alternative scenario which both benefits/subtracts from both alternatives. It is a middle option.
Conflict. When two or more ideals do not perfectly align with one another, when they differ or contrast. Parents values of allocation of time with friends, my values on this matter.
Law of Demand. When price increases quantity demanded will decrease. Ceteris Paribus (All other things the same/equal). Both the opposite and the reverse of this statement is true.
Drawing a Demand Curve. The D, Title, Axis/Arrows, Lines, Labels.
Change in Quantity Demanded. Due to a change in price the amount which is demanded will either increase or decrease. Movement along the curve.
Demand Schedule. A demand schedule is a table of the quantity demanded of a good at varying price levels. Given the price level, it is easy to determine the expected quantity demanded. Demand Schedules serve the function of allowing for semi-accurate business predictions.
Change in Demand. The price of the product in question remains constant however due to the TICS Factors influencing/related to it the demand for the product either increases or decreases.
Substitute. An alternative to a similar product that can act as a direct replacement.
Complement A product that works in tangent with another different product in either to increase it's value/function and/or make it useable/appealing.
Inferior Good. A product of substantial lesser quality in comparison with another.
Necessities. Goods/services that are required in order for the continuation of human life. Eg. Food and water.
Luxuries. Products that are non-essential yet are of such superiority to others that they are often purchased as treats/rewards.
Normal Goods. Products of everyday, stock standard value, quality and often use.
Created by: ConnorW



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