Determinants of Demand
The determinant of demand that shows the real income of Canadians increasing for the fourth month in a row.
A change in income.
A new machine increasing the supply of car parts by making them faster is an examle of what determinant
When the supplied quantity is lower than the quantity demanded.
a Shortage
A resource that is not needed
Wants
If there is a ________ and a viable alternative, the price will lower.
Choice
The determinant of demand that is shows a decrease in popularity of physical fitness, thus increasing the demand for baggier clothes
A change in buyer tastes
An increase in the price of cameras, thus decreasing the supply of indie films is an example of what determinant
A change in resource prices
When the quantity supplied is higher than the quantity demanded.
A Surplus
This is viewed from the business perspective
Supply
This law shows a direct relationship between price and quantity supplied.
The Law of Supply
The determinant of demand that shows that due to a sale on oranges, the demand for grapefruits falls.
A change in prices of related goods.
An increase in the tax on cigarettes reducing the supply of cigarettes is an example of what determinant
A change in taxes and subsidies
When the quantity demanded is the same as the quantity supplied.
the equilibrium
An intangible product
A service
This law states that as the price of something increases, the quantity desired falls and vice versa.
The Law of Demand
refers not only to the desire to purchase a good or service, but also the ability to purchase.
Demand
Pepsi may increase its supply in response to coke raising their prices. This is an example of what determinant of supply
A change in the prices of other goods
When demand increases, this happens to the price.
a decrease in price
Means: "With other conditions remaining the same"
Ceteris Paribus
3 of the 4 types of markets
A place, the demand for a product, a process where buyers and sellers make a price and quantity or a term to refer to buyers and sellers.
The determinants of demand
change in buyer tastes, change in number of buyers, change in income, change in prices of related goods, and change in expectations
Expectations of a decline in a products price, causing the company to increase supply is an example of what determinant of supply
A change in expectations
The way that a supply and demand graph moves when demand increases.
down to the right
A consumer variable that businesses look at to determine if the demand for a product changes
Demographics
This shows a series of quantities of goods or services that will be sold over a period of time.
The Supply Schedule