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Economics: Chapter 4, Section 2 Changes in Demand Key

This document discusses changes in demand, defining a change in quantity demanded as a change in the amount purchased in response to a price change, while a change in demand refers to a willingness to buy different amounts at the same prices. A change in quantity demanded is signified by movement along a demand curve caused by a price change, whereas a change in demand causes an entire shift in the demand curve when something other than price changes demand, such as consumer income, tastes, advertising, or prices of related products.

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107 views1 page

Economics: Chapter 4, Section 2 Changes in Demand Key

This document discusses changes in demand, defining a change in quantity demanded as a change in the amount purchased in response to a price change, while a change in demand refers to a willingness to buy different amounts at the same prices. A change in quantity demanded is signified by movement along a demand curve caused by a price change, whereas a change in demand causes an entire shift in the demand curve when something other than price changes demand, such as consumer income, tastes, advertising, or prices of related products.

Uploaded by

TARSEHS
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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ECONOMICS

Chapter 4, Section 2 CHANGES IN DEMAND Key

Change in Definition

Change in Quantity Demanded


A change in the quantity of the product purchased in response to a change in price

Change in Demand
People are willing to buy different amounts of products at the same prices

Graph

Signified by Primary Cause Specific causes

It is signified by movement along the demand curve A change in price

Signified by an entire SHIFT in the demand curve When something other than price causes demand to change 1. Consumer income

1. SUBSTITUTION EFFECT

2. INCOME EFFECT

2. Consumer tastes & advertising 3. Prices of related products

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