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Demand and Supply

Calasanctius

TermDefinition
Snob Good A rise in price of this good will cause an increase in quantity demanded and vice-versa
Law of Equi-Marginal returns / Equi- Marginal Principle Consumers spend their income where the marginal utility to price is the same for all goods
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 Market Demand Schedule
Real Income The purchasing power of a person's money
Giffen Good A good for which price rises quantity demanded and vice-versa
If the price rises , quantity demanded falls and vice-versa Law of Demand
Substitution 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
Rise in the price of the good /service It causes a movement along a demand curve
Individual demand schedule A table showing the different quantities of a good a consumer is prepared to buy at each price
Price of other goods, Income,Tastes ,Govt, Expectations of future prices, Unplanned factors Factors affecting the demand for a good which shifts the demand curve inwards or outwards
Marginal Utility The extra satisfaction a consumer enjoys from consuming an extra unit of a good
Normal Good A good with a positive income effect Y increases , D increases
Transfer Payments (social welfare) Payments to individuals where no FOP is supplied in return
Inferior goods A good with negative income effect Y increases , D decreases
Substitute goods Good that satisfy the same needs , they are similar
Income effect If the price of a good falls the real income of the consumer is increased, allowing more of the good to be purchased
Complementary goods Goods that are in joint demand , the use of one involves the use of the other
Demand curve A graph showing the different quantities of a good that an individual consumer is prepared to buy at each price
Effective demand Consumers must be willing to buy AND be capable of paying the price set by the supplier
Demand The amount consumers desire to purchase at various prices at any given time
Consumer Surplus The difference between the highest price a consumer is willing to and what they actually pay for a good rather than do without it
Producer Surplus The difference between the lowest price a producer is willing to accept for a good and the price they actually receive
Law of supply If the price rises quantity supplied rises
Price of related goods, cost of production, unplanned factors, state of technology Factors affecting the supply of a good which may shift the demand curve inwards or outwards
Created by: Calasanctius Eco
 

 



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