GRAPHING CHANGES to DEMAND

 

DEMAND CURVE: decrease in quantity demanded, demand curve moves left;

increase in quantity demanded, demand curve moves right.

DEMAND CURVE: decrease in quantity demanded, demand curve moves left; increase in quantity demanded, demand curve moves right. DEMAND: refers to consumers desire and ability to purchase with Ceteris paribus LAW OF DEMAND: the higher the price, the smaller the quantity demanded; the lower the price, the greater the quantity demanded CHANGE IN DEMAND: when anything other than price influences consumer purchases

CHANGES IN DEMAND
AFFECTING INDIVIDUAL CONSUMER DEMAND
QUANTITY DECREASES	QUANTITY INCREASES
Price of substitute falls	Price of substitute rises
Price of compliment rises	Price of complement falls
Price of product is expected to fall in future	Price of product is expected to rise in future
Income falls	Income increases
Expected future income to fall	Expected future income to increase
AFFECTING TOTAL CONSUMER DEMAND/Market Demand
Population decreases	Population increases