TOPIC 2: Change in Quantity Demanded

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17 Terms

1
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Change in the quantity purchased

Change in Quantity Demanded

The Change in Quantity Demanded refers to a _________ in response to an increase or decrease in the price of a product under consideration.

2
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Demand Curve

Change in Quantity Demanded

Since…
“The Change in Quantity Demanded refers to a _________ in response to an increase or decrease in the price of a product under consideration.”

Meaning that…
This can be described as movement along our [_________] from one point to another point on the curve

3
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Demand

Change in Quantity Demanded

Since…

“Change in Quantity Demanded can be described as the movement along our _________ from one point to another point on the curve”

This means that…
The cause of such a change is an increase or decrease in the price of the product under consideration. In such a case, it is incorrect to say that the [_________] increases or decreases

4
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Quantity Demanded

Change in Quantity Demanded

Since…

The cause of changes in the demand curve come from an increase or decrease in the price of the product under consideration.

This means…
It is more appropriate to say there was an increase or a decrease in the [_________].

5
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1) Price

2) Quantity Demanded

Demand Curve

The demand curve displays that as the 1)_________ increases, the 2)_________ decreases, and vice versa.

<p><span style="background-color: transparent;"><strong><span>Demand Curve</span></strong></span><br><br><span style="background-color: transparent;"><span>The demand curve displays that as the 1)_________ increases, the 2)_________ decreases, and vice versa.</span></span></p>
6
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Non-price Factors

Changes in Demand

Changes in Demand are changes caused by _________ affecting market demand.

7
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Right

Changes in Demand

An increase in demand will shift the demand curve to the _________.

8
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Left

Changes in Demand

A decrease in demand will shift the demand curve to the _________.

9
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1) Quantity of a good or service
2) Price and non-price factors

Demand Function

The Demand Function is a mathematical expression that shows the relationship between the 1)_________ a consumer is willing to buy and the 2)_________ that influence this demand.

10
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1) Primary Factor
2) Non-price Factors

Demand Function

Price is the 1)__________ for demand, but 2)_________ could also affect it.

11
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Quantity Demanded

Demand Function

In the formula of the Demand Function:
Qd = f(P, Y, Prg, Ps)

What does Qd refer to?

12
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Price of Goods & Services

Demand Function

In the formula of the Demand Function:
Qd = f(P, Y, Prg, Ps)

What does P refer to?

13
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Income of the Consumers

Demand Function

In the formula of the Demand Function:
Qd = f(P, Y, Prg, Ps)

What does Y refer to?

14
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Price of the Related Goods

Demand Function

In the formula of the Demand Function:
Qd = f(P, Y, Prg, Ps)

What does Prg refer to?

15
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Population

Demand Function

In the formula of the Demand Function:
Qd = f(P, Y, Prg, Ps)

What does Ps refer to?

16
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Increase or decrease in the price of the product

Change in Quantity Demanded

The cause of changes in the demand curve come from an _________ under consideration.

17
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Qd = f(P, Y, Prg, Ps)

Demand Function

What is the formula of the Demand Function?