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OCR - GCSE Economics > 2.2 - Demand > Flashcards

2.2 - Demand Flashcards

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1
Q

Demand

A

quantity buyers are willing/able to buy at a given price

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2
Q

Derived Demand

A

demand which comes about to the demand of a product

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3
Q

Contraction of demand

A

fall in quantity demanded due to a rise in price

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4
Q

Extention of demand

A

increase in quantity demanded due to fall in price

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5
Q

Individual demand

A

an individual demand curve for a good/service

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6
Q

Market demand

A

total demand curve for a good/service

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7
Q

Movement

A

price influencing quantity demanded and nothing else

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8
Q

Shift

A

more demanded at each price, not influenced by price

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9
Q

Interest rate

A

reward for saving or cost for sharing

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10
Q

Complements

A

goods that are often bought together

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11
Q

Speculative market

A

where people buy a product to gain profit from it

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12
Q

Price elasticity of demand

A

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

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13
Q

Elastic demand

A

when the percentage change in quantity demanded is greater than the percentage change in price

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14
Q

Inelastic demand

A

when the percentage change in quantity demanded is less than the percentage change in price

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OCR - GCSE Economics (19 decks)

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