The quantity of a good or service that consumers are willing and able to buy at any possible price in a given period.
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Derived demand
Demad for a factor of production or a good which derives not from the factor or the good itself, but from the goods it produces. For example,demand for bricks is derived from the demand for the building of nre houses
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Joint Demand
Demands for goods which are interdependent, such that they are demanded together. For example, phone and phonecharger
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Composite Demand
Demand for a good that has multiple uses. For example milk and oil
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Competitive demand
Demand for goods that are in competition with each other. For example, Samsung TV in compeition with Sony TV
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Ceteris paribus
Latin phrase meaning 'other things being equal', focusing on changes in one variable while holding other influences constant
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Law of demand
A law that states there is an inverse relationship between quantity demanded and the price of a good or service, ceteris paribus
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Demand curve
A graph showing how much of a good will be demanded by consumers at any given price
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Normal Good
One where the quanity demanded increase in resonse to an increase in consumers incomes
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Inferior good
One where the quanity demanded decreases in a response to an increase
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Substitutes
Competing Goods. The demand of a good is likely to increase of the price of the other good rises
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Complements
Goods for which there is joint demand. An increase in the price of one good causes the demand for the other good to fall
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Marginal Social Benefit (msb)
The additional benefit that society gains from consuming an extra unit of a good
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Consumer surplus
The value that consumers gain from consuming a good or service over and above the price paid
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Other cards in this set
Card 2
Front
Demad for a factor of production or a good which derives not from the factor or the good itself, but from the goods it produces. For example,demand for bricks is derived from the demand for the building of nre houses
Back
Derived demand
Card 3
Front
Demands for goods which are interdependent, such that they are demanded together. For example, phone and phonecharger
Back
Card 4
Front
Demand for a good that has multiple uses. For example milk and oil
Back
Card 5
Front
Demand for goods that are in competition with each other. For example, Samsung TV in compeition with Sony TV
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