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Demand

QuestionAnswer
Demand How willing a buyer is to pay for a certain good at a certain price
Demand curve The relationship between price and quantity demanded
Quantity demanded How much of something a person wants at a specific price
Law of Demand Demand curves will always be downward sloping because of the inverse relationship between price and quantity demanded
Income effect When the price of a good rises, people buy less of it do to a decrease in purchasing power
Substitution effect When the price of a good increases, people replace it with the cheapest alternative
Diminishing marginal benefit People buy less of something as their marginal benefit decreases
Giffen good A theoretical good with an upward sloping demand curve that says due to severe budget constraints and importance of good makes people buy more of it
Veblen good A theoretical good with an upward sloping demand curve that says due to prestige of an item people want to buy it
Market demand The summation of each individual demand curve
Movement Going up and down a demand curve by price
Shift Moving left or right on a demand curve due to other factors
Increase in demand A shift right on the demand curve
Decrease in demand A shift left on the demand curve
Normal goods A good people demand more of when their income rises
Inferior goods A good people demand less of when their income rises
6 factors that shift demand curves Income, preferences, price of related goods, expectations, congestion and network effects, type and number of buyers
Preferences Changing preferences can make you buy more or less of something
Complements Goods that are used together. When the price of one good rises, demand for the other good falls
Substitutes Goods that are used in place of one another. When the price of one good rises, demand for the other good rises
Expectations If you believe prices will rise, you may try and buy more today. If you believe prices will fall, you may try and buy less today
Network effect When more people use a good or service, it makes it more useful and raises demand
Congestion effect When more people use a good or service, it makes it less useful and reduces demand
Number of buyers As more people demand a product, demand increases, often by increase of population
Type of buyers As different people demand a product, demand increases, often through trade
Created by: user-2052955
 

 



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