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13 Cards in this Set
- Front
- Back
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Value Judgements |
Statement or opinion expressed that aren't testable or cant be verified and depends on the views of the individual. |
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Normative Statements |
Opinions that require value judgements to be made. |
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Positive Statements |
Statements that can be tested against real-world data. |
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Demand
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The amount that consumers are willing to buy at a given price level.
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Effective Demand |
Demand supprted by the ability to pay for a good or service |
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Market Demand |
Total demand in a market for a good, the sum of all individuals' demand, at each given price. |
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Contractions in Demand |
Falls in the quantity demanded caused by rise in prices |
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Extensions in Demand |
Increases in demand caused by changes in price |
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Normal Goods |
Goods or services that will see an increase in demand when incomes rise |
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Inferior Goods |
Goods or services that will see demand fall when income rises |
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Composite Demand |
A good that is demanded for more than one purpose so that an increase in demand for one purpose reduces the available supply for the other purpose, leading to higher prices |
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Latent Demand |
The potential demand for a product; there is wilingness to buy among people for a good or a service |
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Concept of Derived Demand |
The product X may be strongly linked for a related product Y, giving rise to the idea of derived demand. |
