Economics- Edexcel 1.2.2
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| show | the quantity of a product that consumers are willing and able to buy at a given price in each time
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| effective demand | show 🗑
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| derived demand | show 🗑
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| show | the demand for steel is linked to market demand for cars and construction of new buildings
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| derived demand- cloud computing infrastructure | show 🗑
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| show | a fall in demand for commuting during the pandemic led to a steep decline in the demand for public transport
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| derived demand- cobalt | show 🗑
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| show | falls in demand for new cars means a reduced demand for logistics services provided by companies such as DHL
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| logistics | show 🗑
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| show | the practice of using a network of remote servers hosted on the internet to store, manage, and process data, rather than a local server or a personal computer
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| show | the basic physical systems of a business, region, or nation and often involves the production of public goods or production processes
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| show | a good that experiences an increase in it’s demand due to a rise in consumers' income
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| show | there is normally an inverse relationship between the price of a good and demand(as prices fall we see an expansion/extension of demand or as price rises there will be a contraction of demand)
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| ceteris paribus when drawing a demand curve | show 🗑
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| show | shows the relationship between the price of an item and quantity demanded over a period of time
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| show | the income effect
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| show | when the price of a good falls the consumer can maintain the same consumption for less spending, if it is a normal good then some of the increase in real income is used to buy more
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| reason 2 why more is demanded as price falls | show 🗑
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| the substitution effect | show 🗑
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| impact of the substitution effect | show 🗑
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| show | when more of a good is consumed additional utility from each extra unit consumed will fall- because consumers are assumed to be rational they won’t pay more for a good than the additional utility it provides, so price and quantity are inversely related
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| the demand curve and price falling | show 🗑
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| show | a good whose demand drops when people's incomes rise
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| show | occurs when there are alternative services or products a customer can choose from
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| joint demand | show 🗑
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| peer pressure | show 🗑
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| show | a phenomenon in which individuals act collectively as part of a group, often making decisions as a group that they would not make as an individual
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| show | to the expenses charged to the borrower in a credit agreement
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| show | a contractual agreement in which a borrower receives something of value immediately and agrees to pay for it later, usually with interest
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| show | a movement along the demand curve
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| increase in any other factor than price: | show 🗑
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| show | the percentage change in the quantity demanded of a given product due to the percentage change in the price of another "related" product
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| elasticity of demand | show 🗑
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| cross-price elasticity of demand for two complements | show 🗑
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| show | where a product has more than one demand, so an increase in demand for one product leads to a fall in supply of the other, e.g. milk used for cheese, yoghurt, butter and fertilisers
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| show | measures the satisfaction we get from purchasing and consuming a product
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| show | the total satisfaction from a given level of consumption
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| marginal utility | show 🗑
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| diminishing marginal utility | show 🗑
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| assumption of diminishing returns | show 🗑
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| show | assumes that consumers always behave rationally in allocating their limited budget between different products to maximise total satisfaction from their purchases
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| show | challenge the assumption of pure rationality in people’s everyday decisions
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| complement | show 🗑
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| show | demand for a product that has more than one use
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| show | the difference between the quantity supplied and the higher quantity demanded when price is set below the equilibrium price, resulting in queuing and an upward pressure on price
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| show | inverse relationship between price and demand
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| off-peak demand | show 🗑
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| rational choice | show 🗑
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| real disposable income | show 🗑
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| show | demand that varies according to the time of year
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| show | demand for financial assets where investors expect the price to rise in the future
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| Veblen good | show 🗑
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| willingness to pay | show 🗑
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| effective demand | show 🗑
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| show | the aggregate quantity of goods which would be demanded if all the markets were in equilibrium
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| potential demand | show 🗑
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| law of demand | show 🗑
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| ceteris paribus | show 🗑
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| show | products which are bought and used together
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| the paradox of value | show 🗑
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| seasonality | show 🗑
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| factor market | show 🗑
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| composite demand | show 🗑
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