Understanding demand
This economic concept describes the relationship between a product's price and the quantity consumers are willing to buy.
A factor that could cause the entire demand curve to move right.
When a change in price causes a proportional change in quantity demanded.
A table that shows different price points and the corresponding quantities consumers will purchase.
Reasons a non-price factor that might shift the demand curve.
What are income, future outlook, population, advertising?
A measure of how responsive quantity demanded is to price changes
A good that consumers buy more of when their income increases.
A good that consumers buy less of when their income increases.
When a small price change results in a large change in quantity demanded.
When the price of one product affects the demand for another related product.
Two economic effects explaining why consumers buy more of a product when its price drops.
When a significant price change causes little change in quantity demanded.
The graphical representation showing the inverse relationship between price and quantity demanded.
Describes the total demand for a product across all consumers at various price points.
A calculation showing elasticity of demand