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    The document defines key concepts related to demand, including the law of demand, demand curves, and factors that can shift the demand curve. It explains that the law of demand states that as price increases, quantity demanded decreases, and vice versa. A demand curve graphically shows the relationship between price and quantity demanded. The document outlines the major factors that can cause a shift in the demand curve, including tastes, prices of related goods, income levels, number of buyers, and consumer expectations about future prices. It also distinguishes between normal goods and inferior goods based on how demand for each responds to changes in consumer income.

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    The document defines key concepts related to demand, including the law of demand, demand curves, and factors that can shift the demand curve. It explains that the law of demand states that as price increases, quantity demanded decreases, and vice versa. A demand curve graphically shows the relationship between price and quantity demanded. The document outlines the major factors that can cause a shift in the demand curve, including tastes, prices of related goods, income levels, number of buyers, and consumer expectations about future prices. It also distinguishes between normal goods and inferior goods based on how demand for each responds to changes in consumer income.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    1 views7 pages

    Green Modern Professional Business Proposal Presentation

    Uploaded by

    danakalfalasi
    The document defines key concepts related to demand, including the law of demand, demand curves, and factors that can shift the demand curve. It explains that the law of demand states that as price increases, quantity demanded decreases, and vice versa. A demand curve graphically shows the relationship between price and quantity demanded. The document outlines the major factors that can cause a shift in the demand curve, including tastes, prices of related goods, income levels, number of buyers, and consumer expectations about future prices. It also distinguishes between normal goods and inferior goods based on how demand for each responds to changes in consumer income.

    Copyright:

    © All Rights Reserved
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    of 7

    DEMAND

    BY RIHAND AND DANA


    WHAT IS DEMAND WHAT IS LAW OF DEMAND
    The different quantities of The relationship between the
    goods and services that price level and the quantity
    consumers are willing and demanded of a good or
    able to purchase at various service in inverse
    price levels
    DEMAND CURVE
    a graphical representation of the
    relationship between the price of a
    good or service and the quantity
    demanded for a given period of time
    changes in QD: only caused by
    changes in price
    -illustrated by the movement along
    the curve
    changes in D : caused by changes
    in everything else
    T:Tastes

    R:Related goods
    SHIFTERS OF
    I:INCOME THE DEMAND
    B:BUYERS CURVER
    NEIL TRAN

    E:EXPECTATION
    TASTES Related goods income
    -changes in price of related
    consumer tastes /preferences goods when income increases
    2 types of related good demand for most goods
    When something gets less
    -substitutes: goods that can be increases
    popular, demand shifts left
    used in place of each other
    when something gets more types of goods
    popular demand shifts right _complements: goods that are -normal
    used together -inferior
    Buyers Expectations

    more buyers =more demand


    prices dropping in the future
    d shifts right
    todays demand will increase
    D shifts left

    less buyers =less demand


    prices rising in the future todays
    d shifts left
    demand will increase
    D shifts right
    Normal and Inferior Goods
    Normal goods: a good that experiences an increase in demand due to
    an increase in a consumer's income.
    -QD increases when income increases
    -QD decreases when income decreases
    Inferior Goods: a good whose demand decreases when consumer income
    rises.
    -QD decreases when income increases
    -QD increases when income decreases

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