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Demand

economics chapter 3

TermDefinition
Demand The number of units of goods a consumer will buy at various prices.
Individual demand The quantity of a good an individual consumer demands at different prices.
Market demand Total quantity of a good that all consumers demand at different prices.
The Law of Demand: States that as prices rise the quantity demanded will fall and vice versa, ceteris paribus (all other things being equal)
Consumer Surplus The difference between what a consumer actually pays for a good and the maximum s/he was willing to pay for the good rather than do without it.
Derived Demand Where a factor of production is not demanded for its own sake but rather for its contribution to the production process, e.g. timber.
Income effect: When the price of a good falls it means that a consumer’s real income will rise.
Joint Demand Where two (or more) goods are used in conjunction with each other in order to achieve utility. They are complementary goods, for example, golf clubs and golf balls.
Effective demand Demand supported by the necessary purchasing power.
Composite demand: Occurs when a commodity is required for a number of uses, e.g. sugar.
Normal Goods Obey the law of demand and have a positive income effect.
Inferior goods: Have a negative income effect
Giffen goods: Have a positive price effect. More is bought as the price rises, and less is bought as the price falls.
Substitute goods Goods that satisfy the same needs and can be considered alternatives to each other, e.g. Lyons and Barry’s tea.
Complementary goods Goods that are used jointly. The use of one involves the other, e.g. cars and petrol.
Substitution effect When the price of a good rises customers may shift to cheaper alternatives to maximise their utility.
Created by: jennymarshall
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