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Economics Core Knowledge > 2.2 > Flashcards

2.2 Flashcards

1
Q

DEMAND

A

the willingness and ability to purchase a good or service at the given price in a given time period

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2
Q

LAW OF DEMAND

A

for most products, the quantity demanded varies inversely with price

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3
Q

INDIVIDUAL DEMAND

A

the demand for a good or service, found by adding together all individual demand

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4
Q

MARKET DEMAND

A

the total demand for a good or service found by adding together all individual demands

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5
Q

MOVEMENT ALONG THE DEMAND CURVE

A

when the price changes, leading to a movement up (contraction) or down (extension) the existing demand curve

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5
Q

MOVEMENT ALONG THE DEMAND CURVE

A

when the price changes, leading to a movement up (contraction) or down (extension) the existing demand curve

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6
Q

PRICE ELASTICITY DEMAND

A

the responsiveness of quantity demanded to a change in the price of a product

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7
Q

ELASTICITY DEMAND

A

when the percentage change in QD is greater than the percentage change in price

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Economics Core Knowledge (6 decks)

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