Period 3 Calhoun
09/11/2009
Chapter 4 Notes
indigence
What is Demand?
Demand- the desire, ability, and willingness to buy a product that can compete with others who imbibe similar demands.
Microeconomics-the area of economics that deals with behavior and decision devising by small units.
The k right awayledge of demand is essential to experience how a market economy works.
Demand Schedule-A listing that shows the assorted quantities demanded of a particular product at all prices that magnate prevail in the market at a addicted time.
Demand curve- A graph showing the sum demanded at each and every price that much prevail in the market.
Law Of Demand- A law that states that the quantity demanded of a healthy or service varies inversely with its price.
Marginal Utility-the extra service program or satisfaction a person thwarts from acquiring or using one more unit of a product.
fall Marginal Utility- States that the extra satisfaction we get from using additive quantities of the product begins to diminish.
* When you reach the point where the marginal utility Is* slight than the price, you stop buying.
Factors Affecting Demand
Change in step Demanded- A movement along the demand curve that shows a change in the quantity of the product purchased in repartee to a change in price.
Income Effect- The change in quantity demanded because of a change in price that alters consumers’ real income.
electrical switch Effect- the change in the quantity demanded because of the change in the congener price of the product.
Change in demand- People how are now willing to buy different amounts of the product at the identical prices.
Demand can change because of changes in income, tastes, the price of connect goods, expectations, and the number of consumers.
Substitutes- A change in the price of cerebrate products can cause a change in...If you want to get a full essay, order it on our website: Orderessay
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