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Unit 2A: Demand & Supply - Coggle Diagram
Unit 2A: Demand & Supply
Demand/effective demand
qtys of a product that consumers are willing and able to consume at various prices per period of time, ceteris paribus
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Law of demand
lower price of good, greater Qd and vice versa, ceteris paribus
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Demand curve
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LoDM -> consumers will be willing to pay lesser for each subsequent unit of a good consumed -> consumers get lesser additional satisfaction as additional units are consumed
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Quantity demanded
amt of a good that consumers are willing and able to buy at a given price over a given period of time -> specific point on demand curve
Supply/effective supply
qtys of a product that suppliers are willing and able to sell at various prices per period of time, c.p.
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Law of supply
higher price of good, greater Qs and vice versa, ceteris paribus
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Supply curve
upward sloping -> as price increases, Qs increases
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Quantity supplied
amt of good that producers are willing and able to sell at a given price over a given period of time -> specific point on supply curve