Demand, Supply, and Price (Grade 10 NSC Matric Economics): Flashcards
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Practise the cards
10 cards from this deck
Effective demand
Effective demand
Desire to buy + money to purchase
Individual demand
Individual demand
Amount one person/household plans to buy
Market demand
Market demand
Total demand of all consumers in a market
Law of Demand
Law of Demand
Price & demand have inverse relationship
Demand curve shows
Demand curve shows
Relationship between price & quantity demanded
Demand curve slope direction
Demand curve slope direction
Downward from left to right
Non-price demand factors
Non-price demand factors
Advertising, economic cycles, fashion, weather, tech, alternatives
Movement along demand curve cause
Movement along demand curve cause
Price changes only
Demand curve shift cause
Demand curve shift cause
Non-price factors change
Rightward demand curve shift meaning
Rightward demand curve shift meaning
Demand increased at every price level