TOPIC 3: MARKETS
Demand
Demand
– calculation of elasticity using total outlay method
– existence of close substitutes
– proportion of income spent on the good
– the length of time since a price change
- 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
- significance of price elasticity of demand – market research
- price elasticity
– calculation of elasticity using total outlay method
- factors affecting elasticity of demand
– existence of close substitutes
– proportion of income spent on the good
– the length of time since a price change
READ:
WATCH: These clips about Demand (YouTube clips by mjmfoodie)
- 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)