Demand (OCR A-Level Economics): Flashcards
📚Flashcards
Practise the cards
15 cards from this deck
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Practise the cards
15 cards from this deck
Ceteris paribus
Ceteris paribus
Other things being equal
Effective demand
Effective demand
Consumers must be willing AND able to purchase a good
Joint demand
Joint demand
Goods consumed together (complements)
Competitive demand
Competitive demand
Goods competing as substitutes
Composite demand
Composite demand
Good required for multiple purposes
Inferior goods
Inferior goods
Goods consumed when better alternatives unaffordable
Law of demand
Law of demand
Inverse relationship: price ↑, quantity demanded ↓
Movement along demand curve caused by
Movement along demand curve caused by
Changes in price of the good itself
Extension of demand
Extension of demand
Price ↓, quantity demanded ↑ (move down curve)
Contraction of demand
Contraction of demand
Price ↑, quantity demanded ↓ (move up curve)
Individual demand
Individual demand
Quantity single consumer will purchase at various prices
Market demand
Market demand
Total quantity all consumers will purchase (horizontal summation)
Joint demand example
Joint demand example
Printers and ink cartridges
Competitive demand example
Competitive demand example
Tea and coffee
Increase in demand: curve shifts
Increase in demand: curve shifts
Right (D1 to D2)