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4. Law of Demand Fill-in

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About this activity

Adapted from https://www.daveforrest.net/Economics/ap-economics-studyguide.pdf

Created by

Shaner Adams
Shaner Adams
United States

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4. Law of Demand Fill-inOnline version

Adapted from https://www.daveforrest.net/Economics/ap-economics-studyguide.pdf

by Shaner Adams
1

Basic Microeconomics Supply and Demand

- : the and ability for consumers to pay for goods and services .

o Law of Demand :
? As prices go , the demand goes down
? As prices go , the demand goes up

Factors that Influence the Shifts in Demand :

? Non - price factors like people ? s shifts the curve .
? products , or products that replace another product , can find an increase demand or a decrease in demand depending on the costs of the product that it is substituting .
? products , or products that go with another product , can find an increase in demand if the product it complements has an increase of demand .
? The Effect : as consumers ? incomes fluctuate , so does the level of demand .
? Increase in increase the demand for goods
? in wages decrease the demand for goods
? shifts can also effect the level demand for a product .
? Future of prices can lead to a change in the demand for goods .

 
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