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ECON DEMAND - Coggle Diagram
ECON DEMAND
Vocabulary
Notional Demand - want, but aren’t willing to pay for it.
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Demand Curve
Explain a movement along the demand curve: when the price changes, there is a movement along the demand curve.
Show a shift of the demand curve: when the demand changes due to a factor other than price, then there is a shift of the demand curve.
(trends, population, income, prices or availability of substitute or complement goods)
Demand: the amount of product that consumers are willing and able to buy at a given price, at a given time (also called effective demand). Without purchasing power, it’s called notional demand.
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Law of Demand: When price increases, demand falls, when price decreases, demand increases
There is an inverse relationship between price and quantity demanded. The slope of the curve is negative
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