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Unformatted text preview: 1-11-08Chapter 31.quantity demanded a.number of good or service that consumers plan to buy during given time period at a particular price2.demanda.entire relationship between price of good and quantity of demandb.(ceteris paribus) – holding a lot of thing constant3.demand curve a.gives us how much consumer want to buy = shows quantity and priceb.how to read it doesn’t matter4.law of demand a.observation, decrease price of good increase people want to buy = shows downward sloping5.change in quantity demanda.change buyer’s plan when price of good changesb.as $ decreases trying to buy more6.change in demand a.change in buyer’s plan when some influence on those plans change (other than price of good)b.taste, preferencec.Income change relative goods.d.Same price but less amount sold because less demanded7.complementa.good that is used in conjunction with another goodb.some good or helps otherc.increase one then increase otherd.coffee and crème8.substitutea.good that is used in place of...
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- Spring '09
- for got
- Supply And Demand, $5, quantity demand a., demand a. change, quantity a. quantity, good a. demand