ECONOMICS-2.1 DEMAND

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Economics

IB Economics (SL)

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5 Terms

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non - price determinants of Demand 

  • Income

  • Taste & Preference

  • Future Price expectations,

  • Number of Consumers/ Population

  • Price of Related goods ( Substitutes & Complements)

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Normal goods (INCOME)

are goods when their demand increases as income increases for eg: Cars and Holiday 

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inferior goods (INCOME)

are goods when their demand decreases as income increases for eg: cheap cut meat, or used cars

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Demand 

The various quantities of a good that a consumer is willing and able to buy at different prices during a particular time period 

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Quantity demanded

Is the amount of goods and services that a consumer will buy at particular price and time