Econ Review= DEMAND

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Last updated 1:56 PM on 4/15/26
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13 Terms

1
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Demand equals…

Consumer

2
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Demand

Desire to purchase an item and willingness to pay

3
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Law of Demand

Buyers purchase more at a low price and less at a high price; as price decreases we demand more

4
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Determinant

A shift in the curve when something other than price changes

5
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Right

Increase

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Left

Decrease

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C

Change in Taste (preference)

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C

Change in Income

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C

Change in Market size (Change in the # of consumers available)

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E

Expectations of consumers

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Expectations of consumers (3)

Future price, future availability, future income

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P

Price of related goods

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P

T

I

M

E

Price of related goods

change in Taste

change in Income

Change in Market size

Expectations of consumers