lesson 4 - demand

Question 1

demand

Answer 1

quantities of a good or service that buyers would be willing to buy –> represented by the demand curve

Question 2

demand schedule

Answer 2

table describing the quantities –> data on price and demand

Question 3

demand curve

Answer 3

graph that plots out the demand schedule –> shows relationshipl

Question 4

law of demand

Answer 4

all else being equal, when price goes down people respond by buying more

Question 5

quantity demanded

Answer 5

the specific amount buyers are willing to purchase at a given price –> a point on the curve

Question 6

change in quantity demanded vs change in demand

Answer 6

different point on the curve vs shift of the curve

Question 7

determinants of demand

Answer 7

changes that cause demand curve to shift

TONIE:
Tastes
Other goods
Number of buyers
Income
Expectations

Question 8

normal good

Answer 8

demand increases when incomes increase

Question 9

inferior good

Answer 9

demand decreases when income increases

Question 10

substitute

Answer 10

goods that can replace

Question 11

complement goods

Answer 11

goods that tend to be consumed together