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Demand The amount consumers desire to purchase at various prices at any given time
Effective Demand Consumers must be willing to buy AND be capable of paying the price set by the supplier
Law of Demand If Price rises – Quantity demanded falls and vice versa
Individual Demand Curve A graph showing the different quantities of a good that an individual consumer is prepared to buy at each price
Market 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
Factors affecting the demand for a good Dx = f ( Px, Pog, Y, T, E, G, U)
It causes a movement along a demand curve Price of the good itself
It shifts the demand curve inwards or outwards Price of other goods , tastes, expectations of future prices, govt regulations, unplanned factors and Income.
The purchasing power of a person's money Real Income
A good with a positive income effect Y increases , D increases Normal Good
A good with negative income effect Y increases , D decreases Inferior good
A rise in price of this good will cause an increase in qty demanded Snob good
Goods that are in joint demand , the use of one involves the use of the other Complementary Goods
Good that satisfy the same needs , they are similar Substitute Goods
A table showing the different quantities of a good a consumer is prepared to buy at each price Individual demand schedule
A good for which quantity rises if the price rises and vice-versa Giffen good
If the price of a good falls the real income of the consumer is increased, allowing more of the good to be purchased Income effect
If the price of a good falls , the consumer is likely to buy more of it because it is now cheaper relative to other goods Substitution effect
The extra satisfaction a consumer enjoys from consuming an extra unit of a good Marginal Utility
Payments to individuals where No FOP is supplied in return Transfer Payments
Consumers spend their income where the marginal utility to price is the same for all goods Law of Equi-Marginal returns / Equi- Marginal Principle
Demand that occurs when the demand for two or more products are used together. Joint Demand
When a particular type of goods is used to produce more than one type of product Composite demand
The difference between the highest price a consumer is willing to pay for a good or service and the amount that they actually do pay Consumer Surplus
Created by: Calasanctius