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Economics > Chapter 7- Demand > Flashcards

Chapter 7- Demand Flashcards

1
Q

Demand

A

Demand: the willingness and ability to buy a product

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2
Q

Market Demand

A

Market Demand: total demand for a product

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3
Q

Aggregation

A

Aggregation: the addition of individual components to arrive at a total amount

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4
Q

Decrease in Demand

A

Decrease in Demand: a fall in demand at any given price, causing the demand curve to shift to the left

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5
Q

Increase in Demand

A

Increase in Demand: a rise in demand at any given price, causing the demand curve to shift to the right

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6
Q

Extension in Demand

A

Extension in Demand: rise in quantity demanded caused by a fall in the price of the product itself

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7
Q

Contraction in Demand

A

Contraction in Demand: a fall in quantity demanded caused by a rise in the price of the product itself

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8
Q

Changes in Demand

A

Changes in Demand: shifts in the demand curve

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9
Q

Normal Goods

A

Normal Goods: A product whose demand increases when income increases, and decreases when income falls

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10
Q

Inferior Goods

A

Inferior Goods: A product whose demand decreases when income increases, and increases when income falls

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11
Q 
Changes in Price of Related Products:
	Substitute:
	Complement
	Ageing Population
	Birth Rate
A

Changes in Price of Related Products:
Substitute: product that can be used in place of another
Complement: product that is used together with another product
Ageing Population: an increase in the average age of the population
Birth Rate: number of lives births per thousand of the population in a year

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12
Q

Causes of Changes in Demand

A 
Changes in income
Changes in the price of related products
Advertising campaigns
Changes in population
Changes in taste and fashion
Change in weather conditions(for products like umbrellas and ice cream)
Expectations of future prices
Special Events(Olympics would lead to increase in demand for holidays in the country it is being held)
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13
Q

Substitute

A

A product that can be used in place of another

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14
Q

Complement

A

A product that is used together with another product

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15
Q

Ageing Population

A

The increase in everage age of a population

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16
Q

Birth Rate

A

The number of live births per thousand of the population in a year

Economics (31 decks)

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