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1.1.3 - Demand
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11 Terms
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1
Demand curve
Line drawn on a graph that shows how much of a good will be bought at different prices.
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2
Demand schedule
Table of the quantity demanded of a good at different price levels
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3
Effective demand
Amount of a good people are willing to buy at given prices over a given period of time supported by the ability to pay
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4
Inverse relationship
When price increases the price goes up, the quantity demanded falls and vice versa
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5
Shift in the demand curve
Movement to the left or right of the entire demand curve when there is a change in any factor affecting demand except the price
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6
Disposable income
Income that is available to someone over a period of time to spend: it includes state benefits but excludes state benefits
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7
Inferior goods
Goods for which demand will fall if income rises or rise if income falls
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8
Normal goods
Goods for which demand will increase if income increases or fall if income falls
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9
Substitute goods
Goods bought as an alternative to another but perform the same function
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10
Complementary goods
Goods purchased together because they are consumed together
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11
Demography
Study of human populations and the way in which they change
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