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Flashcards in 2.2 Deck (11)
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1
Q

demand

A

the quantity of a good or service they are willing and able to buy in a given time period

2
Q

what does analysis mean?

A

use economic ideas, terms and concepts and diagrams

3
Q

the law of demand

A

mostly, the quantity demanded depends inversely on its price

4
Q

remember to label your diagram fully

A

YOU BETCHA

5
Q

market demand

A

the total individual demands

6
Q

movement along demand curve

A

the price changes leading to a movement up or down the demand curve.ONLY PRICE

7
Q

shift of demand curve

A

a complete movement of the demand curve either outwards or inwards. NOT PRICE

8
Q

causes for shifts in demand

A

income, marketing, trends, substitutes and complements ,population

9
Q

subsidy

A

money the government give firms to encourage production and increase demand

10
Q

tax

A

a compulsory payment to the government

11
Q

consequences of movements along the demand curve

A

price and quantity move in opposite directions