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Demand 作者: Mind Map: Demand

1. Law of demand can be explained by 2 measures :

1.1. Individual

1.1.1. Individual demand schedule

1.1.1.1. It is the tabular representation of the negative relationship between price and qty. demanded of x by an individual, other things being constant.

1.1.2. Individual demand curve

1.1.2.1. It is the graphical representation of individual demand schedule.

1.2. market

1.2.1. Market demand schedule

1.2.1.1. It is the tabular representation of negative relation between price and qty. demanded of x by all the consumers in the market , other things being constant.

1.2.2. market demand curve

2. Causes for negative relation between price and qty. demanded

2.1. law of diminishing marginal utility

2.2. Income effect

2.3. Substituting effect

2.4. Market size

2.5. Alternative uses of a commodity

3. Factors affecting demand

3.1. Price of the commodity itself

3.2. price of related goods

3.2.1. substitute goods

3.2.2. complementary goods

3.3. Income of an individual

3.3.1. inferior goods; income increase qty. demanded decrease and vice versa

3.3.2. Normal goods; income increase qty. demanded increase and vice versa.

3.4. Taste and Preferences

3.5. Expectations

3.6. Additional factors affecting only market demand

3.6.1. Size of population

3.6.2. Distribution of income

3.6.3. Season and climate

4. Movement in demand curve: change in demand curve due to change in price keeping other factors constant.

4.1. Extension

4.1.1. Refers to rise in demand due to fall in price assuming other factors being constant

4.2. contraction

4.2.1. Refers to fall in demand due to rise in price assuming other factors being constant.

5. Shift in demand curve: change in demand curve by change in other factors keeping price of the good constant

5.1. increase

5.1.1. Refers to rightward shift of demand curve due to favourable changes in other factors of demand keeping price constant

5.2. Decrease

5.2.1. Refers to leftward shift of demand curve due to unfavourable changes in other factors of demand keeping price constanr

6. Concept of demand

6.1. The demand for a good is defined as the quantity of a good a consumer or consumers in market is willing to buy at a particular price during a given period of time.

7. Four essential characteristics of any statement about demand

7.1. quantity of the good

7.2. price of the good

7.3. willingness to buy

7.4. given period of time

8. According to Prof. Benham

8.1. '''The demand for anything at a given price is the amount of it which will be bought per unit of time at that price

9. Law of demand

9.1. According to the law, other things being constant (ceteris paribus) quantity demanded of a quantity is inversely related to the price of the commodity.