Demand

The Law of demand states..

Demand curve

'Consumers aim to maximise their utility'
What does this mean?

Demand curve negatively or positively sloping?

Demand curve is a graph showing....

Name the two effects concerned with the demand curve.
- price determinants

Name the non-price determinants of demand

Income

Substitutes
- give an example
- what would the demand curves look like

Complements

Unrelated goods

Tastes/ preferences

changes in size of population

changes in structure of population

change in income distribution

government policy changes

expectations

Seasonal changes

Difference between
1. movement along the demand curve
2. shift in the demand curve

Linear demand function