Chapter 3: The demand of goods and services

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  • Created by: Asiyah N
  • Created on: 05-08-16 16:44
Demand
The quantity of a good or service that consumers are willing and able to buy at given prices in a given period of time. For economists demand is always effective demand
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Market demand
The quantity of a good or service that all the consumers in a market are willing and able to buy
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Condition of demand
A determinant of demand, other than the good's own price, that fixes the position of the demand curve
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Decrease in the demand
A leftward shift of the demand curve
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Increase in demand
A rightward shift of the demand curve
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Inferior good
A good for which demand decreases as income increases
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Normal good
A good for which demand increases as income increases
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Other cards in this set

Card 2

Front

The quantity of a good or service that all the consumers in a market are willing and able to buy

Back

Market demand

Card 3

Front

A determinant of demand, other than the good's own price, that fixes the position of the demand curve

Back

Preview of the back of card 3

Card 4

Front

A leftward shift of the demand curve

Back

Preview of the back of card 4

Card 5

Front

A rightward shift of the demand curve

Back

Preview of the back of card 5
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