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Theory Of Demand - Coggle Diagram

- - - - There's inverse relationship between price and product
  - - - Due to the changes in price of the product/goods itself
      - When price increases, Quantity demanded will decreases ~~> Contraction in demand ~~> upward movement on the same demand (dd) curve.
      - When price decreases, Quantity Demanded will increases ~~> expansion in demand ~~> downward movement on the same demand (dd) curve
      - Assuming all the other factors remain unchanged ( Ceteris paribus)
    - - Assuming the price of the good remain unchanged
      - Demand will change due to the change in its determinants like :
        
        Income
        
        Prices of related goods
        
        taste and fashion
        
        population and season
      - When income increases, for instance demand (dd) will increase and and the dd curve will shift to the right.
      - However, when income decreases, dd will decrease and the dd curve will shift to the left