Notebook # 11 Economics 4-2 Factors Affecting Demand.

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notebook # 11 Economics 4-2 Factors Affecting Demand

Economics 4-2 Factors Affecting Demand ESSENTIAL QUESTION: What factors might cause demand to either increase or decrease?

Economics 4-2 Factors Affecting Demand GPS STANDARDS: SSEMI3- a.) Identify and illustrate on a graph factors that cause changes in market supply and demand.

Factors Affecting Demand The demand curve is a graphical representation of the quantities that people are willing to purchase at all possible prices that might prevail in the market.

Factors Affecting Demand There are a number of factors that will cause demand to either increase or decrease.

Factors Affecting Demand These changes are usually of two types: 1. 1.a change in the quantity demanded and a change in demand.

Factors Affecting Demand The change in quantity demanded shows a change in the amount of the product purchased when there is a change in price.

Factors Affecting Demand The income effect means that as prices drop, consumers are left with extra real income.

Factors Affecting Demand The substitution effect means that price can cause consumers to substitute one product with another similar but cheaper item.

Factors Affecting Demand A change in demand is when people buy different amounts of the product at the same prices.

Factors Affecting Demand A change in demand can be caused by a change in income, tastes, a price change in a related product (either because it is a substitute or complement), consumer expectations, and the number of buyers.