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5227533
Demand
Descrição
Revision guide for leaving cert. economics, Demand
Sem etiquetas
economics
leaving certificate
Mapa Mental por
Niamh Browne
, atualizado more than 1 year ago
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Menos
Criado por
Niamh Browne
mais de 8 anos atrás
659
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0
Resumo de Recurso
Demand
Types of Demand
Individual Demand
Qty.s of a good one consumer will buy at each price
Market Demand
Qty.s of a good all consumers in market are willing to buy at each price
Demand Schedule
Table showing different qty.s demanded for a good at various market prices at any given time
Other Types of Demand
Joint Demand
Eg. Phone + Charger
Effective Demand
Must be willing and able to pay price set by supplier
Derived Demand
Not for it's own sake but for manufacturing another
Eg. Timber for Chairs
Composite Demand
Good has number of uses
Eg. Sugar
Law of Demand
Price Down = Demand Up
Exeptions to Law of Demand
Addictive Goods
Snob Goods
Giffen Goods
A rise in price causes more demanded as people will have less income to spend on other types of goods
Expectations
If buyers think price will be higher in the future, demand will be higher
Factors Affecting Demand for a Good
Expectations
Complementary Goods
Used Jointly
Eg. Bread and Butter
Substitute Goods
Alternatives
Coke or Pepsi
Level of Income
Normal Goods
Inferior Goods
Unplanned Factors
Consumer Tastes
Government Regulations
Demand Function:
Dx = f(Px, Pog, Y, E, T, U, G)
Curves: Downward Sloping, left to right
Movement Along Demand Curve
£/$/€
Shift in Demand Curve
Caused by factors other than price
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