Economics- Chapter 4: Demand

10 cards

This is basically talking about demand, and the understandingof it. It is an important part of economics.


 
  
Created Jan 14, 2009
by
mpark8291

 

 
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1
What is Demand?
 
Demand is the amount of good or services a consumer is WILLING and ABLE to buy at VARIOUS prices...
2
What is QUANTITY Demanded?
 
The amount of a good or service that a consumer is willing and able to buy at each PARTICULAR...
3
What does the law of demand infer?
 
An increase in the price of a good will decrease the quantity demanded. (inverse relationship)...
4
What is diminishing marginal utility?
 
The natural decrease in the utility of a good or service as more of it is consumed.
5
What are the determinants of demand? (5)
 
1) Consumer taste and preferences 2) Market size 3) Income 4) Prices of related goods 5)...
6
What are three components of Market Size?
 
1) Business decisions 2) Government decisions 3) New technology
7
What is ELASTIC demand?
 
Small change in price will cause relatively large change in Quantity demanded
8
Three things that cause ELASTIC demand...
 
1) Product is not a necessity 2) Has many readily available substitutes 3) Product's cost...
9
What does an ELASTIC curve look like almost?
 
horizontal
10
Disposable Income vs. Purchasing Power
 
Disposable income is money left after all taxes are taken out, while purchasing power is the...
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