philosopher economist and politician; member of parliament

suppliers able to make available

non luxury product

When the price of any product increases then its demand will fall. When its price decreases then its demand will increase in the market.

theoritical model how societies function

for satisfying various needs

individual firm; steeper; narrower scope

Determinants of Supply

graphical representation of RELATIONSHIP

table shows quantity demanded

proponent of classical theory; best known for 1848 work “Principles of Economy”

FIVE MAIN FACTORS DETERMINE DEMAND

microeconomic law states that all other factors being equal

graphic representation of CORRELATION

DETERMINANTS OF DEMAND

“In the Economy, Information Education and motivation are everything”

influenced by big proponent of Adam Smith; taught political economy

5 EXAMPLES OF APPLIED ECONOMICS

demand for a good is also affected by the price of its substitute

statistical and mathematical theories to economics

REASONS OF CHANGE IN DEMAND

classical liberal economist and scholar; formulating say’s law of markets

all consumers of firm; flatter; broader scope

consumers willing and able to buy

implementation of model broadly; relation to real world

against the law of demand

number of units of a product that a firm would be willing and able to offer for sale

Products purchased by people in the higher income group to show status

A shift of the demand curve when other factors change while price remains same

INTERRELATED DEMAND