2.2 - demand

Question 1

Individual demand

Answer 1

QD by a single consumer for a single product in a specific time period

Question 2

Market demand

Answer 2

Quantity that all consumers are willing and able to buy a product at different prices

Question 3

Derived demand

Answer 3

Demand for one product based upon another product

Question 4

Joint demand

Answer 4

Demand for goods that are interdependent, need one good to use other good

Question 5

Competitive demand

Answer 5

Quantity demanded of one good impacts the demand of another good

Question 6

Composite demand

Answer 6

One good is demanded for different purposes which alters demand for another good.
E.G - milk. Cheese rises, more milk for cheese, supply of butter false

Question 7

Ceteris Paribus

Answer 7

All other things being equal and keeping everything equal

Question 8

Law of demand

Answer 8

There is an inverse relationship between price and quantity demanded

Question 9

Factors which shift demand

Answer 9

Population changes
Incomes
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Price of compliments / substitutes