Basic Demand Revision

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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.


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