Econ: Unit 2 Determinants of Demand

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6 Terms

1
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change in income

if the good is a normal good and income increases, demand increases

2
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change in price of substitutes

if the price of a substitute good increases, demand for the original good increases

3
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change in price of a complimentary good

if the price of a complementary good increases, demand for the good increases

4
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change in population

if the population increases, demand for the good increases

5
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change in expectations

if people expect the price of a good to increase in the future, demand will increase

6
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change in taste

style and taste basically demand in and oof itself