Demand Basics
The amount of a good consumers are willing and able to buy at different prices
What is demand?
When price changes, we move along the demand curve. This is called a change in ______.
What is quantity demanded?
One factor of demand based on what people like or dislike.
What are consumer tastes/preferences?
An increase in demand shifts the curve in this direction.
What is right?
The price of sneakers drops and people buy more sneakers.
What is an increase in quantity demanded?
The law stating that when price increases, quantity demanded decreases.
What is the Law of Demand?
A decrease in price causes this movement on the demand curve.
What is an increase in quantity demanded (Qd)?
If consumers earn more money, demand for most goods will ______.
What is increase?
A decrease in demand shifts the curve in this direction.
What is left?
A celebrity promotes a brand of headphones and more people want them.
What is an increase in demand? Consumer tastes
The graph that shows the relationship between price and quantity demanded.
What is a demand curve?
A change in demand caused ONLY by price.
What is a change in quantity demanded?
Goods used together like cereal and milk are called these.
What are complements?
Name ONE non price factor that shifts demand.
What is consumer income / tastes / expectations / price of related goods / number of buyers?
The price of hot dogs rises and people buy more hamburgers.
What is an increase in demand for hamburgers (substitutes)?
Demand curves usually slope in this direction.
What is downward?
If the price of pizza drops and people buy more pizza, this is a ______.
What is an increase in quantity demanded?
Goods that replace each other like Coke and Pepsi.
What are substitutes?
If a new health study says blueberries are extremely healthy, demand for blueberries will ______. Due to what?
What is increase (shift right)? Consumer Tastes
If people lose jobs and income falls, demand for restaurant meals will ______.
What is decrease? Consumer income
This term describes a table listing prices and quantities demanded.
What is a demand schedule?
If price increases and people buy less, this movement is ______ on the curve.
What is upward/left along the demand curve?
If people expect prices to rise in the future, demand today will usually ______.
What is increase?
If the population increases, demand will usually ______. Due to what factor?
What is increase? Number of buyers
If the price of coffee rises and people buy less cream.
What is a decrease in demand for cream (complements)?