The Basics
Schedules and Curves
Factors that Affect Demand
Factors Continued
100
The desire to buy and good or service and this are the two things needed to create demand.
What is the ability to pay for it?
100
This is a table that show how much of a good or service an INDIVIDUAL consumer is willing to pay.
What is a demand schedule?
100
This law states that the marginal benefit of using each additional unit of a product during a given period will decline.
What is the law of diminishing marginal utility?
100
When a product loses popularity, it is due to a change in this.
What is consumer taste?
200
This is an example of something in high demand...
What is (answers may vary)?
200
This graphically shows the data from a demand schedule.
What is a demand curve?
200
This effect is the change in the amount that consumers will buy because their purchasing power changes.
What is the income effect?
200
An example of this factor would be consumers waiting until August to buy a car because of sales that usually occur during that time.
What are consumer expectations?
300
This is the reason expensive sports cars and trips around the world are not in high demand.
What is not many people have the ability to pay for them even though many people have the desire to buy them?
300
This occurs when something prompts consumers to buy different amounts at EVERY PRICE (a shift happens).
What is change in demand?
300

The demand for this type of good increases as income increases 

normal good 

300
This is an example of a substitute good for going to the movies.
What is (answers may vary)?
400
When prices fall, generally, demand does this...
What is rise?
400
This is an increase or decrease in the amount demanded because of change in price (no shift happens).
What is change in quantity demanded?
400
Population shifts have caused a change in this (one of the 6 factors).
What is market size?
400
A complement good to milk would be this.
What is (cookies, cereal, cake, etc.)?
500
When demand is low, generally, prices are this...
What is high?
500
This graphically shows the quantity that all customers, or market as a whole, are willing and able to buy at each price.
What is a market demand curve?
500
These are goods that consumers demand less of when their income RISES.
What are inferior goods?
500
This an an example of something that would cause a change in market size.
What is (answers will vary)?
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