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Demand - is an economic principle that describes a consumer's desire and

willingness to pay a price for a specific good or service. Holding all other
factors constant, an increase in the price of a good or service will decrease
demand, and vice versa.
Law of demand - is a microeconomic law that states, all other factors being
equal, as the price of a good or service increases, consumer demand for the
good or service will decrease, and vice versa.
Demand schedule, in economics, is a table of the quantity demanded of a
good at different price levels. Given the price level, it is easy to determine the
expected quantity demanded.
Demand function relates price and quantity. It tells how many units of a good
will be purchased at different prices. In general, at higher prices, less will be
purchased. Thus, the graphical representation of the demand function (often
referred to as the demand curve) has a negative slope.
Quantity demanded is a term used in economics to describe the total amount
of goods or services demanded at any given point in time. It depends on the
price of a good or service in the marketplace, regardless of whether that
market is in equilibrium.
kita ng mamimili
panlasa o antas ng pagkagusto ng mamimili para sa produkto o serbisyo
presyo ng mga kaugnay na produkto o serbisyo

Bandwagon effect is a psychological phenomenon in which people do

something primarily because other people are doing it, regardless of their
own beliefs, which they may ignore or override. The bandwagon effect has
wide implications, but is commonly seen in politics and consumer behavior.
Inferior good is a good whose quantity demanded decreases when consumer
income rises (or quantity demanded rises when consumer income decreases),
unlike normal goods, for which the opposite is observed. Normal goods are
those for which consumers' demand increases when their income increases.
Substitute goods are two goods that could be used for the same purpose. If

the price of one good increases, then demand for the substitute is likely to
rise. Therefore, substitutes have a positive cross elasticity of demand.
Hoarding is the practice of obtaining and holding scarce resources, with the
intention to sell to customers on a high profit in future.
Elastic (demand) is one in which the change in quantity demanded due to a
change in price is large. An inelastic demand is one in which the change in
quantity demanded due to a change in price is small. The formula for
computing elasticity of demand is: (Q1 Q2) / (Q1 + Q2)
Inelastic is an economic term used to describe the situation in which the
quantity demanded or supplied of a good or service is unaffected when the
price of that good or service changes.
Unitary demand this means that a given percent shift in the price of the
product results in an equal but opposite percent change in the amount of
product demanded.
Perfectly elastic, it means that at a certain price demand is infinite (A good
with a very high elasticity of demand). In other words if a firm increased price
by 1%, it would see all its demand evaporate. If demand is perfectly elastic,
then demand will be horizontal.
Perfectly inelastic means that quantity demanded or supplied is unaffected
by any change in price. In other words, the quantity is essentially fixed. It
does not matter how much price changes, quantity does not budge. Perfectly
inelastic demand occurs when buyers have no choice in the consumption of a
Supply is a fundamental economic concept that describes the total amount of
a specific good or service that is available to consumers. Supply can relate to
the amount available at a specific price or the amount available across a
range of prices if displayed on a graph.
Law of supply is a fundamental principle of economic theory which states
that, all else equal, an increase in price results in an increase in quantity
supplied. In other words, there is a direct relationship between price and
quantity: quantities respond in the same direction as price changes.
Ceteris paribus is a Latin phrase meaning 'all other things remaining equal'
The concept of ceteris paribus is important in economics because in the real
world it is usually hard to isolate all the different variables.

Supply schedule is a table that shows the relationship between the price of a
good and the quantity supplied. The supply curve is a graphical depiction of
the supply schedule that illustrates that relationship between the price of a
good and the quantity supplied.
Supply curve, in economics, graphic representation of the relationship
between product price and quantity of product that a seller is willing and able
to supply. Product price is measured on the vertical axis of the graph and
quantity of product supplied on the horizontal axis.
Supply function is a model that represents the behavior of the producers
and/or sellers in a market. Q XS = f S(P X, P INPUTS, technology, number of
sellers, laws, taxes, expectations . . . # S) P X = price of the good. P INPUTS =
prices of the inputs (factors of production used)

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