Changing the way you learn

The Nature of Demand

Demand
1. Definition
  1. Quantity bought
    1. Given period
2. Influences
  1. Price of good
  2. Price of other goods
  3. Income
  4. Preferences
Individual and Market Demand
1. Market
  1. Brings buyers together
    1. Same influences
  2. Total Quantity
    1. All Buyers
      1. Any Price
Demand and Price
1. Ceteris Paribus
  1. Other things being equal
2. Demand Curve
  1. Quantity Demanded
    1. Any price
3. Law of Demand
  1. Inverse Relationship
    1. Quantity Demanded
    2. Price
    3. Downward Sloping
4. Snob effects
  1. Rolex
  2. Conspicuous Consumption
Demand and Income
1. Normal Goods
  1. More Demanded
2. Inferior Goods
  1. Less Demanded
Demand and other goods
1. Substitutes
  1. Opposing brands
    1. Kelloggs / Tesco
2. Complements
  1. Consumed jointly
    1. Cars / Petrol
Demand and Preferences
1. Personal Inclinations
2. Advertising
3. Fashion
4. Popularity
Demand Curve Movements
1. Price
  1. Along
2. Other Determinants
  1. Shift

The Nature of Demand

	Created by sarahsing about 10 years ago