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Summary Edexcel A-Level Economics, Theme 1: How Markets Work - Market Demand, Elasticities of Demand £5.49
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  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Economics
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  7. Theme 1: How Markets Work

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Summary Edexcel A-Level Economics, Theme 1: How Markets Work - Market Demand, Elasticities of Demand
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A summary of: - How the demand curve is derived, moves and shifts. - PED and its determinants - YED and its determinants - XED with diagrams

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  • June 25, 2022
  • 12
  • 2021/2022
  • Summary

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THE THEORY OF
MARKET DEMAND
MICROECONOMICS

, DEFINITIONS
Demand = the quantity of a good or service that consumers are willing and able to buy at a given price in a given time
period.

(effective demand = able to pay only)

Individual demand = each individual decides how much of a product they wish to buy at a given price in a given time per

Market demand = sum of the individual demand for a product from buyers in the market.

Marginal utility = how much a consumer gains from buying an add. unit of a good.

Derived demand = demand for a FOP that results from the demand for the product it is used to make.

Normal good = an increase in income leads to a rise in demand.

Inferior good = an increase in income leads to a fall in demand.

Consumer surplus = the difference between the price consumers are willing and able to pay and the price they are charge

Exceptional goods:

Veblen good = certain luxury goods with status appeal that are consumed in greater quantities when their price rises.

Giffen good = cheap staple foods that are consumed in greater quantities when their price rises.

Speculative goods = as price rises, speculators believe the product’s price will continue to rise so continue to invest.

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