Basic Demand Revision
- Created by: Victoria Lawal
- Created on: 31-10-12 03:51
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- Demand
- Demand Schedule
- Lays out what consumer is willing and able to buy.
- Law of Demand
- As the price of a good falls, the quantity demanded will increase.
- Movement
- Law of demand. (Inverse relationship)
- Shift
- A change in one of the determinants or increased amount of consumers. (No change in price)
- Determinants
- #of buyers
- Taste
- Types of goods
- Normal Goods
- Inferior
- Substitute/ Supplement (Inverse Relationship)
- Complement (Change together)
- Expectations
- Future Income
- Increase in future income, increase in demand in the present.
- Future Price
- Increase in future price, higher demand in the present.
- Future Income
- Demand Schedule
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