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Demand
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The Law of Demand
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Economics
leaving cert business
| Term | Definition |
|---|---|
| Demand | This is the number of units of good a consumer will buy at various prices. |
| The Law of Demand | This states that an increase in price leads to a decrease in quantity demanded or a decrease in price leads to an increase in quantity demanded. |
| Consumer surplus | The benefit to consumers due to the difference between what consumers actually pay to consume a good and what they would have been willing to pay rather than go without the good. |
| . Individual demand | This studies the quantities of a good that an individual consumer is prepared to buy at each price. |
| Market demand/aggregate demand. | This is the total amount of a good which is demanded by the total number of consumers in the market at each price. Market demand is found by adding together the amounts which each individual consumer will demand at each price. |
| Effective Demand | This is a person’s desire for a commodity supported by purchasing power (if you haven’t got the money then it remains a desire- you can’t demand it |
| Joint demand. | This exists where demands for two goods are linked. |
| . Derived demand | This occurs when one commodity is an essential part of another commodity, and it is demanded not for it’s own sake, but because it is required to manufacture another good. |
| Functional Demand | This occurs when there is a demand for a good because it contains some built in quality |
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