1
Q
definition of:
demand
A
refers to the willingness and ability of consumers to pay for a product at different price level
2
Q
determinants of demand
A
- habits fashion and taste
- income
- substitutes and complements
- advertising
- government
- economy
3
Q
definition of:
contraction
A
a fall in quantity demanded for a product following an increase in its price
4
Q
definition of:
extension
A
an increase in quantity demanded following a decrease in its price
5
Q
definition of:
quantity demanded
A
the amount of good and services demanded at each price level
7
Q
definition of:
market demand
A
the sum of all individual demand for a product
8
Q
what causes movement along demand curve?
A
change in its price
9
Q
what causes a shift in demand curve?
A
non- price factors (HIS AGE)
economics
flashcards
Decks in class (26)
# Cards
-
chapter 27 - monetary policy7
-
chapter 1 - nature of economic problem10
-
chapter 26 - fiscal policy32
-
chapter 25 - macroeconomic aims of gov25
-
chapter 24 - role of government8
-
chapter 23 - market structure15
-
chapter 22 - firms costs, revenue & objectives12
-
chapter 21 - firms & production15
-
chapter 20 - firms18
-
chapter 18 - trade union14
-
chapter 18 - workers22
-
chapter 17 - households14
-
chapter 16 - money and banking9
-
chapter 14 - market failure13
-
chapter 15 - mixed economy system7
-
chapter 13 - market economy system6
-
chapter 12 - pes10
-
chapter 11 - ped12
-
chapter 9 - price determination7
-
chapter 8 - supply7
-
chapter 7 - demand8
-
chapter 6 - the roles of markets in allocating resources6
-
chapter 4 - production possibility curve7
-
chapter 5 - microeconomics & macroeconomics4
-
chapter 3 - opportunity cost2
-
chapter 2 - factors of production5
