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        • Demand
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TOPIC 3: MARKETS

Demand

Demand
  • law of demand, individual and market demand, the demand curve
  • factors affecting demand – price, income, population, tastes, prices of substitutes and complements, expected future prices
  • movements along the demand curve and shifts of the demand curve
Price elasticity of demand
  • significance of price elasticity of demand – market research
  • price elasticity
             – elastic, inelastic and unit elastic
             – calculation of elasticity using total outlay method
  • factors affecting elasticity of demand
             – necessities and luxuries
             – existence of close substitutes
             – proportion of income spent on the good
             – the length of time since a price change
READ:
  • The Demand Curve (NetMBA)
  • Theory of Demand and Price Elasticity of Demand (tutor2u)

WATCH: These clips about Demand (YouTube clips by mjmfoodie)
An alternative video about the Law of demand (Khan Academy)
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  • Home
  • About
    • About
    • Education Blog
    • Writing Blog
  • Case Studies
  • Courses
  • HSIE Resources
    • HSC Business Studies >
      • Operations >
        • Role of operations management
        • Influences
        • Processes (overview) >
          • Inputs
          • Transformation processes
          • Outputs
        • Strategies
      • Marketing >
        • Role of marketing
        • Influences
        • Process
        • Strategies
      • Finance >
        • Role of Financial Management
        • Influences
        • Processes
        • Strategies
      • Human Resources >
        • Role of human resource management
        • Influences
        • Processes
        • Strategies
        • Effectiveness
    • Preliminary Business Studies >
      • Nature of Business >
        • Role of business
        • Types of businesses
        • Influences
        • Business growth and decline
      • Business Management >
        • Nature of management
        • Management approaches
        • Management process
        • Management and change
      • Business Planning >
        • SMEs
        • Influences
        • Business Planning Process
        • Critical Issues
    • Economics >
      • Introduction to Economics >
        • The nature of economics
        • The operation of an economy
      • Consumers and Businesses >
        • Businesses
      • Markets >
        • Demand
        • Supply
        • Market equilibrium
        • Market structures
      • Labour Market >
        • Demand and supply of labour
        • Labour market trends
      • Economic Issues >
        • Economic growth
        • Unemployment
        • Inflation
        • External Stability
        • Distribution of Income and Wealth
        • Environmental Sustainability
    • Society and Culture >
      • Course Framework
      • Research Methods
      • P1: Social and Cultural World
      • P2 Personal and Social Identity
      • P3: Intercultural Communication
      • PIP
      • H1: Social and Cultural Continuity and Change
      • H2: Popular Culture - Social Media
      • H3: Equality and Difference
    • Geography (old syllabus) >
      • Coastal Management
      • Urban Growth and Decline
      • Human Rights
  • Contact