1
Q
What causes movements up and down the demand curve?
A
Price changes
2
Q
Contraction in demand
A
Price rises, demand falls
3
Q
Expansion in demand
A
Price falls, demand rises
4
Q
Conditions of demand
A
Population Advertising Substitutes Income Fashion/tastes Interest rates Complements Government legislation Expectations Season
5
Q
What do changes of demand do to the demand curve?
A
Shift the demand curve left or right.
Economics Theme 1 revised
flashcards
Decks in class (30)
# Cards
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1- Economics as a social science definitions0
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1- Economics as a social science0
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1- Economics as a social science evaluation0
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2- Rational decision making definitions1
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2- Rational decision making3
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2- Rational decision making evaluation0
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3- Demand definitions7
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3- Demand5
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3- Demand evaluation0
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4- Price/income/cross-elasticities definitions10
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4- Price/income/cross-elasticities22
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4- Price/income/cross-elasticities evaluation0
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5- Supply definitions1
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5- Supply6
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5- Supply evaluation0
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6- Price elasticity of supply definitions1
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6- Price elasticity of supply9
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6- Price elasticity of supply evaluation0
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7- Price determination definitions2
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7- Price determination4
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7- Price determination evaluation0
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8- Price mechanism definitions3
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8- Price mechanism5
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9- Types of Market Failure definitions11
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9- Types of Market Failure2
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9- Types of Market Failure evaluation0
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10- Externalities definitions14
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10- Externalities4
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10- Externalities evaluation1
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11- Gov intervention27
