CROSS ELASTICITY OF DEMAND
It is the degree of responsiveness of demand for one commodity as a result of…
demand
INCOME ELASTICITY OF DEMAND
“It is the degree of responsiveness of demand for goods to a change in income”….
ELASTICITY OF DEMAND
Introduction It is necessary to review or recall (repeat) the relationship between demand and price….
SUPPLY OF AND DEMAND FOR MONEY
Introduction Supply of and demand for money are quite distinct concepts (different things) from supply…
DEMAND FOR LABOUR
Introduction Demand for labour is a derived demand. Labour is not needed for his own…
EFFECTS OF CHANGES IN SUPPLY AND DEMAND
A decrease in demand If there is a decrease in demand; say from DI to…
CHANGE IN DEMAND VERSUS CHANGE IN QUANTITY DEMANDED
Change in quantity demanded It is a change that occurs as a result of a…
FACTORS INFLUENCING DEMAND
The following are the major factors that influence (affect) demand for a commodity. Consumer’s income:…
TYPES OF DEMAND
The major types of demand are outlined below: 1) Joint or Complementary demand – demand…
ABNORMAL DEMAND AND EXCEPTIONAL DEMAND CURVE
Abnormal demand It is a situation in which people buy more and more goods as…
DEMAND CURVE
It is a curve that relates different quantities of a commodity demanded to their various…
THEORY OF DEMAND
Meaning of a theory A theory is simply defined as follows:- “It is an organized…
DETERMINATION OF PRICE BY DEMAND AND SUPPLY
In a market, there are buyers and sellers. The buyers bring their money to the…
PRINCIPLES OF DEMAND
In order to know how a market economy works and how resources are allocated in…