Demand
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| State the law of demand | Increase in price leads to a decrease in quantity demanded
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| Define demand | The number of goods a consumer will buy at various prices
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| Define consumer surplus | The benefit to consumers due to the difference between what they are willing to pay and what they do pay
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| What is individual demand? | The quantity of a good a consumer is prepared to buy at each price
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| Define market demand | The quantity of a good all consumers in the market are prepared to buy at each price
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| What is a demand schedule? | A table that shows the different quantities of a good that consumers are prepared to buy at each price
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| What is a demand curve? | A graph illustrating the demand for a good at various prices at any given time
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| Define effective demand | Demand if consumers are both willing and capable
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| Define composite demand | Demand when a commodity is required for a number of different uses
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| Define joint demand | When the demand for one demand is joint to another
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| Define derived demand | When a good is demanded for its contribution to a manufacture process
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| What causes a shift in the demand curve? | Caused by any non price determinate of demand
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| What causes movement along the demand curve? | Caused by a change in price
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| What is a complementary good? | A good that is used jointly with another
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| What is a substitute good? | Goods that satisfy the same needs and may be considered to be alternatives
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| What is a normal good? | A good that obeys the law of demand which has a positive income effect
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| What is an inferior good? | A good with a negative income effect
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| What are giften goods? | Goods with a positive price effect
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| Name four exceptions to the law of demand | Giften goods.
Status symbols.
Speculative goods.
Addictive goods.
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| What is the substitution effect? | When a good that falls in price becomes cheaper relative to other goods
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| What is the income effect? | An increase in the real income of a consumer due to a reduction in the price of a good
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| Can a normal good be a giften good? | No
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| Name 7 factors that affect demand for a good? | Its own price.
The price of other goods.
Level of income.
Consumer expectations.
Consumer tastes.
Unplanned factors.
Government regulations.
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| What is the income effect? | The change in consumption resulting from a change in real income
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