economics chapter 3
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| Demand | show 🗑
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| show | The quantity of a good an individual consumer demands at different prices.
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| Market demand | show 🗑
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| The Law of Demand: | show 🗑
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| show | 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.
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| show | Where a factor of production is not demanded for its own sake but rather for its contribution to the production process, e.g. timber.
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| show | When the price of a good falls it means that a consumer’s real income will rise.
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| show | 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.
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| Effective demand | show 🗑
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| Composite demand: | show 🗑
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| Normal Goods | show 🗑
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| show | Have a negative income effect
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| show | Have a positive price effect. More is bought as the price rises, and less is bought as the price falls.
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| show | Goods that satisfy the same needs and can be considered alternatives to each other, e.g. Lyons and Barry’s tea.
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| show | Goods that are used jointly. The use of one involves the other, e.g. cars and petrol.
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| show | When the price of a good rises customers may shift to cheaper alternatives to maximise their utility.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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