IGCSE Economics Chapter 2

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Effective demand

  • similar to demand
  • how much would be bought ( i.e. how much peole can afford to buy and would actually buy) at any given price
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The demand curve

  • relationship between price and quantity demand is inversely related
  • when prices go up demand will fall
  • when prices go down demand will rise

*demand curves slopes downward from left to right

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Movement along the demand curve

  • price change is the only factor that causes a movement in the demand curve
  • all other factors that influence demand have a different effect
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