demand

(1) to demonstrate a thorough understanding of a particular economic concept; and

(2) apply that concept to everyday events.

- Explain as completely as you can what an economist means by demand

Demand - The factors that can shift demand & the impact of an increase or decrease in demand on equilibrium price (Pe) and equilibrium quantity (Qe).

• - Law of demand
• Demand is a fundamental part of economics and understanding any market because it focuses on the consumer's desire and ability to pay for the goods which help companies regulate prices through supply.
• - Relative price (opportunity cost) vs. absolute (money) price
• - Substitution & income effects
• - Demand schedule
• - Demand curve
• - Determinants of demand (3)

- Population

- Preferences

- Consumers' expectations

- Income (normal & inferior goods)

- Price of related goods (substitutes & complements)

- What is meant by a change in demand (or supply) and change in quantity demanded (or quantity supplied)?

- Identify ALL the factors that can shift a demand (or supply) curve (those in the text and in the presentations). Explain briefly how each factor impacts the respective curve you have chosen (could be several paragraphs)

- Explain what happens to Pe and Qe when demand (supply) increases and when demand (supply) falls.