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YESTERDAY WE SAID … IF PRICE GOES DOWN …. THE QUANTITY DEMANDED GOES UP And vice versa.

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Presentation on theme: "YESTERDAY WE SAID … IF PRICE GOES DOWN …. THE QUANTITY DEMANDED GOES UP And vice versa."— Presentation transcript:

1 YESTERDAY WE SAID … IF PRICE GOES DOWN …. THE QUANTITY DEMANDED GOES UP And vice versa

2 SPEAKING IN PRECISE TERMS AS AN ECONOMIST…. “ A “change in quantity demanded” means there has been a change in …… The price of the product This is illustrated graphically by movement up and down the demand curve

3 A “change in demand” means.. A non-price factor (determinant) has caused demand to increase or decrease

4 5 Determinants of Demand T I M E R ASTES NCOME ARKET SIZE XPECTATIONS ELATED GOODS, PRICE OF

5 A CHANGE IN DEMAND IS SHOWN GRAPHICALLY BY … A SHIFT IN THE DEMAND CURVE IF THE DEMAND CURVE SHIFTS TO THE RIGHT THEN DEMAND HAS… INCREASED IF THE DEMAND CURVE SHIFTS TO THE LEFT THEN DEMAND HAS DECREASED

6 Partial Word Bank American Express Right Guard Taco Bell Diet Coke Pepsodent Burger King Visa MasterCard Apple Toyota Cheverolet Whisk Wendy’s


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