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Demand (Demand (The law of demand (inverse relationship between the price…

- - - - Contraction of demand
      - Extension of demand
      - Exceptions to the law of demand
        
        Giiffen
        
        If income decreases, demand for staple goods increases
        
        Meat becomes relatively more expensive, so more bread is purchased to film stomachs
        
        Questionable
        
        Speculative Demand
        
        rise in the market price
        
        demand increases
        
        to increase revenue or profit
        
        Decrease in the market price
        
        demand decreases
        
        to reduce loses
        
        reduce inventories
        
        Veblen goods
        
        'snob value effect'
        
        high-income elasticity of demand
  - - - Substitution effect
        
        If the price of a good falls the product is now relatively cheaper than an alternative item, so some consumers switch their spending from the more expensive good to the cheaper good
      - Diminishing Marginal Utility
      - The Income effect
        
        If the price of a good falls, consumers can maintain current consumption for less expenditure. Provided that the good is normal, some of the resulting increase in real income is used by consumers to buy more of this product.
  - - - Land
        
        Housing development
        
        Farmland
      - Milk
        
        Cheese
        
        Yoghurts
        
        Cream
        
        Butter
        
        Milk chocolate
      - Oil
        
        Plastics
        
        Petrol