a) Demand
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9 Terms
define demand
the amount of a good or service that consumers are willing and able to purchase at a given price and time
show a demand curve
state what a change in only the price causes
a change in the quantity demanded
a movement along the demand curve
state how a price decrease affects the quantity demanded
quantity demanded increases
extension in quantity demanded
state how a price increase affects quantity demanded
quantity demanded decreases
contraction in quantity demanded
define the conditions of demand
the factors other than price that cause a change in demand
state what happens to the demand curve if demand decreases
demand curve shifts left
state what happens to the demand curve if demand increases
demand curve shifts right
state three examples of a condition of demand
a change in the population size
a change in real consumer income
a change in the price and availability of substitute and complementary goods
Flashcards (77)