Economics - Unit 1

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Demand
The amount that consumers are willing and able to buy at each given prive level.
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Effective demand
Demand supported by the ability to pay for a good or service.
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Market demand
Total demand in a market for a good, the sum of all individuals' demand, at eachgiven price.
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Contraction in demand
Falls in the quantity demanded caused by rises in prices.
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Extensions in demand
Increasing in deamand caused by changes (falls) in price.
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Normal goods
Goods and services that will see an increase in demand when income rises.
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Inferior goods
Goods or services that will see demand fall when income rises.
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Complementary products
Goods that are consumed together, for example bread and butter or DVD's and DVD players.
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Composite demand
A good that is demanded for more than one purpose so that an increase in demand for one purpose reduces the available supply for the other purpose, typically leading to higher prices.
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Dervied demand
When the demand for one good or services comes from the demand for another good or service. The demand for cars stimulates the demand for steel, therefore the demand for steel is derived demand.
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Other cards in this set

Card 2

Front

Effective demand

Back

Demand supported by the ability to pay for a good or service.

Card 3

Front

Market demand

Back

Preview of the front of card 3

Card 4

Front

Contraction in demand

Back

Preview of the front of card 4

Card 5

Front

Extensions in demand

Back

Preview of the front of card 5
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