1.2.2 Demand
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10 Terms
Movements Along a Demand Curve
Changes in quantity demanded due to a change in price, while other factors remain constant.
Shifts of a Demand Curve
Changes in quantity demanded at every price level due to factors other than price.
Income
Changes in consumer income that can shift the demand for goods and services.
Consumer Preferences
Changes in consumer preferences that can lead to shifts in demand.
Prices of Related Goods
Changes in the prices of complementary or substitute goods that can affect demand.
Tastes and Preferences
Trends, fads, and changes in cultural or social factors that can influence demand.
Population and Demographics
Changes in population size or age demographics that can affect demand.
Expectations
Future expectations about prices, income, or other factors that can affect current demand.
Diminishing Marginal Utility (DMU)
The decrease in additional satisfaction derived from each additional unit consumed.
Influence on the Demand Curve
The contribution of diminishing marginal utility to the downward-sloping shape of the demand curve.
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