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LESSON 1.2.2 DEMAND ECONOMICSA LEVELS | 2023 - 2024 |
DEMAND
● The ability and willingness to buy a particular good at a
given price and at a given moment in time
THE DEMAND CURVE
● A demand curve moves to the left, when there is a
decrease in the amount demanded at every price.
● A demand curve moves to the right, when there is an
increase in the amount demanded at every price.
THE CONDITIONS OF DEMAND
● PIRATES
○ P - Population
○ I - Income
○ R - Related goods
○ A - Advertising
● The demand curve slopes downwards from left to right
○ T - Taste/fashion
( a negative slope ) indicating an inverse relationship
○ E - Expectations
between price and the quanity demanded.
○ S - Seasons
● At price Pe the quantity Qe is demanded.
● A decrease in price from Pe to P1 causes an extension in
demand — it rises from Qe to Q1.
● An increase in price from P to P causes a e2 contraction in
demand — it falls from Qe to Q2.
● So, movement along the demand curve is caused by
changes in price.
COURSE CODE: COURSE TITLE LESSON # 1
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