Home
Explore
Exams
Search for anything
Search for anything
Login
Get started
Home
Theory of demand and supply
Studied by 0 people
0.0
(0)
Add a rating
View linked note
Learn
A personalized and smart learning plan
Practice Test
Take a test on your terms and definitions
Spaced Repetition
Scientifically backed study method
Matching Game
How quick can you match all your cards?
Flashcards
Study terms and definitions
1 / 18
There's no tags or description
Looks like no one added any tags here yet for you.
19 Terms
View all (19)
Star these 19
1
Demand
The desire or will of any person or community for a commodity, considering both the desire to purchase and the ability to pay.
New cards
2
Direct Demand
Demand for a final object or commodity as opposed to demand for inputs or raw materials.
New cards
3
Price Demand
The quantities of a commodity that consumers would purchase at various prices, showing an inverse relationship between price and quantity demanded.
New cards
4
Income Demand
The quantities of goods and services purchased by consumers at various levels of income, reflecting a positive relationship for normal goods.
New cards
5
Cross Demand
Changes in the demand for one good due to changes in the price of another related good, encompassing both substitute and complementary goods.
New cards
6
Substitute Goods
Goods used in place of each other; for example, Fanta and Mirinda.
New cards
7
Complementary Goods
Goods that are used together to satisfy a want; for example, printers and ink cartridges.
New cards
8
Derived Demand
Demand for goods and services that are used to produce other goods and services.
New cards
9
Joint Demand
Demand for several goods and services with a single purpose.
New cards
10
Shift in Demand Curve
Change in the quantity of a commodity demanded at the same price due to changes in factors other than the price of the commodity.
New cards
11
Law of Demand
Describes the inverse relationship between price and quantity demanded, wherein price falls, demand increases and vice versa.
New cards
12
Giffen Goods
Goods whose quantity demanded increases as the price rises, violating the law of demand.
New cards
13
Market Equilibrium
A state where the quantity demanded equals the quantity supplied, resulting in no tendency for price to change.
New cards
14
Supply Function
Shows the relationship between supply and its determinants, typically indicating a positive relationship between price and quantity supplied.
New cards
15
Linear Supply Function
A supply function where both price and quantity supplied change at a constant rate.
New cards
16
Non-linear Supply Function
A supply function where the change in price and supply does not occur at a constant rate.
New cards
17
Determinants of Supply
Factors that determine the quantity of a good or service that producers are willing to sell, including price, technology, and number of firms.
New cards
18
Rightward Shift in Supply Curve
Indicates an increase in supply, meaning more is supplied at any given price.
New cards
19
Leftward Shift in Supply Curve
Indicates a decrease in supply, meaning less is supplied at any given price.
New cards
Explore top notes
Chapter 11: The Prokaryotes: Domains Bacteria and Archaea
Note
Studied by 18 people
899 days ago
5.0
(1)
Preview
French Exam-Places
Note
Studied by 32 people
794 days ago
5.0
(1)
Preview
Untitled Flashcards Set
Note
Studied by 1 person
28 days ago
5.0
(1)
Preview
Module 14: Amino Acids
Note
Studied by 103 people
856 days ago
5.0
(1)
Preview
Retinitis pigmentosa
Note
Studied by 3 people
761 days ago
5.0
(1)
Preview
Chapter 9: Factor Markets, Market Failure, and the Role of the Government
Note
Studied by 10 people
693 days ago
4.5
(2)
Preview
Chapter 8: Photosynthesis
Note
Studied by 39 people
953 days ago
5.0
(1)
Preview
🪱
3.2 The Nature of Reality: Material or Non-Material?
Note
Studied by 11 people
776 days ago
5.0
(1)
Preview
Explore top flashcards
Spanish 2 Vocabulary 1A
Flashcard (33)
Studied by 3 people
792 days ago
5.0
(1)
Preview
Family - sociology
Flashcard (62)
Studied by 5 people
765 days ago
5.0
(1)
Preview
English Poetry Test
Flashcard (82)
Studied by 10 people
56 days ago
5.0
(1)
Preview
BIOL 1107 Exam 2
Flashcard (40)
Studied by 5 people
171 days ago
5.0
(1)
Preview
ESO 1 - Les parties du corps
Flashcard (20)
Studied by 115 people
507 days ago
5.0
(1)
Preview
LIT Vocab Weeks #9-12
Flashcard (25)
Studied by 12 people
468 days ago
5.0
(1)
Preview
✅Os occipital
Flashcard (25)
Studied by 2 people
661 days ago
5.0
(1)
Preview
Vocab 9B
Flashcard (38)
Studied by 38 people
8 days ago
5.0
(1)
Preview