AP Micro Economics- Supply and Demand.docx - Demand Record...

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Demand Record of people’s buying habits changing in response to change Whole series of quantities that consumers will buy at different prices How do we decide what we want Desire for goods and services Means to purchase the goods and services Law of Demand Price of product is inversely related to demand Price goes up, demand goes down and vica versa Demand Curve Diagram showing relationship between price and demand Downward slope(Opposite of PPC) Price vertical, Quantity horizontal Change in Demand Change in desire or means to produce goods Creates a new demand curve Increase in demand shifts right Decrease in demand shifts left Demand Shifts are Caused by: Taste and preference Price of related goods Complements and substitutes Income Normal product- Change in income has similar change in demand Inferior product- Change in income has opposite change in demand Consumer information Future price expectations Number of Buyers Change in Quantity Demanded Movement along a demand curve
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