a) Demand

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9 Terms

1
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  • define demand


  • the amount of a good or service that consumers are willing and able to purchase at a given price and time


2
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  • show a demand curve



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3
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  • state what a change in only the price causes


  • a change in the quantity demanded

  • a movement along the demand curve


4
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  • state how a price decrease affects the quantity demanded


  • quantity demanded increases

  • extension in quantity demanded


<ul><li><p>quantity demanded increases</p></li><li><p>extension in quantity demanded</p></li></ul><p></p>
5
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  • state how a price increase affects quantity demanded


  • quantity demanded decreases

  • contraction in quantity demanded


<ul><li><p>quantity demanded decreases</p></li><li><p>contraction in quantity demanded</p></li></ul><p></p>
6
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  • define the conditions of demand


  • the factors other than price that cause a change in demand


7
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  • state what happens to the demand curve if demand decreases


  • demand curve shifts left


<ul><li><p>demand curve shifts left</p></li></ul><p></p>
8
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  • state what happens to the demand curve if demand increases


  • demand curve shifts right


<ul><li><p>demand curve shifts right</p></li></ul><p></p>
9
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  • 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