Definitions and Concepts List for Demand Topic.
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| show | Finite availability.
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| Limited Means. | show 🗑
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| show | Often material goods, wants are things that people desire yet are not needed in order for them to survive. I want an apple watch.
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| show | When due to limited means one must make a decision to do/buy to take one item/activity or option in preference to another. The option which is neglected, not taken or chosen is thus missed out on is the opportunity cost. Work - Free time.
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| Value. | show 🗑
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| show | Two or more conflicting opinions/ideals/activities or behaviours conflict instead of one option being foregone a compromise can be reached. Compromise is an alternative scenario which both benefits/subtracts from both alternatives. It is a middle option.
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| show | When two or more ideals do not perfectly align with one another, when they differ or contrast. Parents values of allocation of time with friends, my values on this matter.
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| Law of Demand. | show 🗑
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| Drawing a Demand Curve. | show 🗑
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| Change in Quantity Demanded. | show 🗑
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| Demand Schedule. | show 🗑
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| show | The price of the product in question remains constant however due to the TICS Factors influencing/related to it the demand for the product either increases or decreases.
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| show | An alternative to a similar product that can act as a direct replacement.
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| show | A product that works in tangent with another different product in either to increase it's value/function and/or make it useable/appealing.
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| show | A product of substantial lesser quality in comparison with another.
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| show | Goods/services that are required in order for the continuation of human life. Eg. Food and water.
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| show | Products that are non-essential yet are of such superiority to others that they are often purchased as treats/rewards.
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| Normal Goods. | show 🗑
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