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
📉
Princeton Review AP Calculus BC, Chapter 4: Differentiation: Definition and Basic Derivative Rules
Note
Studied by 91 people
677 days ago
5.0
(1)
Preview
HAP 355 Midterm
Note
Studied by 17 people
312 days ago
5.0
(1)
Preview
🤷♀️
American Revolution
Note
Studied by 38 people
379 days ago
5.0
(1)
Preview
📖
7.4 Gene Expression
Note
Studied by 21 people
759 days ago
5.0
(1)
Preview
Chp 5: Language
Note
Studied by 56 people
798 days ago
5.0
(4)
Preview
AP US History Ultimate Study Guide
Note
Studied by 411 people
345 days ago
5.0
(2)
Preview
Chapter 28 - The Stock Market Crash and the Great Depression
Note
Studied by 20 people
898 days ago
5.0
(1)
Preview
Chapter 28: Applied and Industrial Microbiology
Note
Studied by 14 people
899 days ago
5.0
(1)
Preview
Explore top flashcards
APUSH-Unit Four
Flashcard (147)
Studied by 56 people
850 days ago
5.0
(1)
Preview
AP Euro Unit 2 - Age of Reformation
Flashcard (31)
Studied by 16 people
87 days ago
5.0
(1)
Preview
Great Gatsby Vocab
Flashcard (90)
Studied by 26 people
422 days ago
5.0
(2)
Preview
Anatomija. Kaukolės kaulai
Flashcard (46)
Studied by 5 people
395 days ago
5.0
(1)
Preview
HOSA Dental Science Written Exam
Flashcard (297)
Studied by 602 people
832 days ago
5.0
(2)
Preview
fysica trimester 1 2022
Flashcard (26)
Studied by 3 people
815 days ago
5.0
(1)
Preview
Chemistry
Flashcard (42)
Studied by 11 people
548 days ago
5.0
(1)
Preview
Biology Unit 7
Flashcard (38)
Studied by 7 people
638 days ago
5.0
(1)
Preview