The Law of Demand states that other things being constant, an increase in the price of a good lowers the quantity demanded of that good, while a decrease in the price of a good raises the quantity demanded of that good.Price and quantity demanded move in opposite directions.
  • Population
  • Expectations of Buyers
  • Two types of movement of the demand curve
  • The Law of Demand
The graphical representation of the demand schedule.
  • Market
  • Demand Curve
  • Economy
  • Supply Curve
beef and pork, rice and bread (an increase in the price for beef will result in an increase in the demand for pork)
  • Demand Schedule
  • Caused by a change in price
  • Population
  • Substitute goods
A. Caused by a change in price B. Caused by non-price factors
  • Caused by a change in price
  • The Law of Demand
  • Price of Related Goods or Commodities
  • Two types of movement of the demand curve
flashlights and batteries, writing pads and pens (an increase in the price of flashlights will result in a decrease on the demand for batteries)
  • Complementary goods
  • Reactive goods
  • Substitution goods
  • Population
A buyer's income has a positive effect on demand.
  • A Shift To The Right
  • Taste
  • Income
  • Cost
The demand for a good can also be influenced by the prices of related goods
  • Price of Related Goods or Commodities
  • Demand Curve
  • Caused by Non-Price Factors
  • Caused by a change in price
represents an increase in aggregate(overall) demand
  • Along the curve to a higher price
  • A shift to the RIGHT
  • A shift to the Left
  • Along the curve to a higher quantity demanded
A table that shows the quantity of a good that buyers would purchase at each price.
  • Caused by a change in price
  • Demand Schedule
  • Substitute goods
  • Demand Curve
Consumer taste varies with age, gender, situation or need, habit, and weather.
  • Smell
  • Income
  • Sight
  • Taste
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