Demand

Niamh Browne
Mind Map by Niamh Browne, updated more than 1 year ago
Niamh Browne
Created by Niamh Browne almost 4 years ago
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Revision guide for leaving cert. economics, Demand
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Demand
1 Types of Demand
1.1 Individual Demand
1.1.1 Qty.s of a good one consumer will buy at each price
1.2 Market Demand
1.2.1 Qty.s of a good all consumers in market are willing to buy at each price
1.3 Demand Schedule
1.3.1 Table showing different qty.s demanded for a good at various market prices at any given time
2 Other Types of Demand
2.1 Joint Demand
2.1.1 Eg. Phone + Charger
2.2 Effective Demand
2.2.1 Must be willing and able to pay price set by supplier
2.3 Derived Demand
2.3.1 Not for it's own sake but for manufacturing another
2.3.1.1 Eg. Timber for Chairs
2.4 Composite Demand
2.4.1 Good has number of uses
2.4.1.1 Eg. Sugar
3 Law of Demand
3.1 Price Down = Demand Up
4 Exeptions to Law of Demand
4.1 Addictive Goods
4.2 Snob Goods
4.3 Giffen Goods
4.3.1 A rise in price causes more demanded as people will have less income to spend on other types of goods
4.4 Expectations
4.4.1 If buyers think price will be higher in the future, demand will be higher
5 Factors Affecting Demand for a Good
5.1 Expectations
5.2 Complementary Goods
5.2.1 Used Jointly
5.2.1.1 Eg. Bread and Butter
5.3 Substitute Goods
5.3.1 Alternatives
5.3.1.1 Coke or Pepsi
5.4 Level of Income
5.4.1 Normal Goods
5.4.2 Inferior Goods
5.5 Unplanned Factors
5.6 Consumer Tastes
5.7 Government Regulations
6 Demand Function:
6.1 Dx = f(Px, Pog, Y, E, T, U, G)
7 Curves: Downward Sloping, left to right
7.1 Movement Along Demand Curve
7.1.1 £/$/€
7.2 Shift in Demand Curve
7.2.1 Caused by factors other than price
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